Legislation

 

Before contacting debtors we will calculate additional charges in accordance with the above.  These are statutory charges and must be paid before a debt is considered as satisfied.

In our correspondence with debtors, we will make reference to specific Acts of Parliament or Statutory Instruments.  The list of legislation below links direct to the relevant Act of Parliament, Statutory Instrument etc on a gov.uk or European Parliament website.

 

 

•   Late Payment of Commercial Debts (Interest) Act 1998
•   The Late Payment of Commercial Debts (Interest) Act 1998 (Commencement No 3) Order 2000
•   The Late Payment of Commercial Debts (Interest) Act 1998 (Commencement No 4) Order 2000
•   The Late Payment of Commercial Debts (Interest) Act 1998 (Commencement No 5) Order 2002
•   The Late Payment of Commercial Debts Regulations 2002
•   The Late Payment of Commercial Debts (Rate of Interest) (No 3) Order 2002  (This sets the interest rate)
•   The Late Payment of Commercial Debts (Scotland) Regulations 2002
•   The Late Payment of Commercial Debts (Rate of Interest) (Scotland) Order 2002
•   The Late Payment of Commercial Debts (Interest) Act 1998 (Commencement No 6) (Scotland) Order 2002
•   Directive 2000/35/EC of the European Parliament
•   The Late Payment of Commercial Debts (Rate of Interest) (Scotland) Order 2002
•   The Late Payment of Commercial Debts Regulations 2013 (SI2013/395)

There is a range of statutory requirements for businesses to provide, and also to display, information on the ownership of the business, including:
•   Companies Act 2006, sections 1202(2), 1201 and 1205(3)
•   The Electronic Commerce (EC Directive) Regulations 2002 (SI2002/2013)
•   The Companies (Trading Disclosures) Regulations 2008 (SI2008/495)

 
Other useful links:

•   DTI Guide to Late Payment Legislation 
•   Bank of England official bank rate
•   Directors’ responsibilities during insolvency, published by the House of Commons Library
•   Cheque clearance calculator