company by guarantee

Hello Charles

The legislation is for transactions between businesses. As a business you have a statutory right to claim interest and compensation on invoices that are overdue and unpaid, as well as claiming retrospectively on invoices that have been paid, but were paid late.


As far as the marina charging individuals interest under the legislation, that is incorrect. They cannot use this particular legislation but they may have terms of payment within their contract. The current reference rate is 8.5%. So 11.5% is incorrect anyway.

The legislation users guide is the best place to find out what you are entitled charge and how to go about it.

I hope that helps.

Kind regards

David