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Recent changes to the UK legislation on the late payment of commercial debts
Posted on: 20 March 2013
By: mackene
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Filed under: News
Prompt payment is critical to the cash flow of every business. It is not just the timeliness of payment but also the certainty of getting paid that is required. This has been one of the main focuses for the construction industry for many years and is underlined by the payment requirements of the Housing Grants, Construction and Regeneration Act 1996 (as amended) that applies to most UK construction projects. Now, new regulations have updated the UK legislation relating to interest on late payments. The changes took effect in England, Wales and Northern Ireland on 16 March and affect Scotland with effect from 29 March. This briefing outlines these changes.
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