LEGAL
THE LATE PAYMENT OF COMMERCIAL DEBTS The late payment of invoices can be costly to a business, and it is important to take steps to recover monies owing. By Paul Rooke, Associate Solicitor, Litigation, Mayo Wynne Baxter
If, after chasing for payment, the debtor has failed to pay invoice(s) owing then a business should take action to seek recovery of the monies owed. It is important to be proactive in chasing any invoices that are due or about to become due. If, however, payment is not forthcoming after chasing there is
If payment is not ❛❛ forthcoming there is
legislation in place to allow a business to be compensated for the late payment ❜❜
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legislation in place to allow a business to be compensated for the late payment. The Late Payment of Commercial Debts (Interest) Act 1988 (the Act) inserts a term into business-to-business contracts for the supply of goods and services that, in most cases, allows a business to seek interest, a fixed sum and its reasonable costs.
