Information on the changes to the late payment legislation

More
9 years 2 months ago - 9 years 1 month ago #798 by David J
Here is a list of useful documents relating to the existing legislation as well as the recast legislation and government documentation.
Please feel free to add links to other information if you feel it would be useful.

Documentation on the current late payment of commercial debts legislation

The recast Directive 2011/7/EU of the European Parliament and of the Council of 16 February 2011 on combating late payment in commercial transactions (all languages)

The Department for Business Innovation & Skills Consultation Consultation document.

Please note that the consultation closed on the 19th October 2012

Please Log in or Create an account to join the conversation.

More
9 years 1 month ago #804 by Leigh Harris
David

David, Let me be the first to add a general comment about the consultation and the direction the authors of the consultation are going with this issue.

Basically I see this whole exercise as a retrograde step by a government that clearly does not take the late payment law seriously. The authors of consultation document are obviously intent on watering down the existing late payment legislation.

It is noticeable that during the period since the consultation was launched there has been no outcry from any of the bodies representing SMEs. Why?

I am preparing a submission to the consultation so you will understand if I do not make any specific comment on issues I intend including in my response.

Leigh

Please Log in or Create an account to join the conversation.

More
9 years 1 month ago - 9 years 1 month ago #805 by David J
Hello Leigh and thank you for your comments.
I have to agree with you that the current legislation could be weakened despite the governments statement that they are 'committed to combating late payment'. The reduction in the level compensation alone is a serious step backwards.
The recast legislation is the minimum that EU members must adopt. It does not stop our government from strengthening the existing legislation.
Regarding representing bodies of SME's maybe they can answer that one.

All businesses should read about the changes. It will take less than 30 minutes.

Regards

David

Please Log in or Create an account to join the conversation.

More
9 years 1 month ago - 9 years 1 month ago #806 by jimbo22
The problem with this legislation is the application of it.

How many companies are actually collecting Late Payment Interest and compensation ? How many feel strong enough to take any action against being paid late ?

Will the courts uphold the use of this legislation ? How much effort needs to go in to collect £40 plus interest ?

Changes to this legislation - what impact will it have on anything, if the legislation is not being used ?

Perhaps, if more people used it. Perhaps, if there was a real impact on the late payers for paying late. Then we could talk about the impact of changes.

It is only by hurting the late payers in the pocket that they will sit up and take notice ! Exposing them to the penalty of paying late.

Is this 6 years invoices at £40 ??? Plus Interest ???? or just the current debt outstanding, which would mean a few quid that is worth no-one's hassel to collect ?

So what if the compensation is £31 or £40, it means nothing until businesses start to use this ACT and the courts start to uphold this ACT.

Then we could have a real discussion as to how the legislation needs ammended. For now it's a paperwork exercise, something for some headline grabbing. A bit of paper rustling to pretend some work is going on !

MY opinion, leave it alone, until there is a need to change it. If its not broken, why try to fix it ?? Why waste time and money ?

We should be talking about how business can implement the current legislation and how the court should enforce it, not waste time changing a legislation no-one is using.

Maybe it is being changed, for another reason ???

What would happen if businesses decided to collect what they are owed in Late Payments ????

Does our government pay on time ??

Please Log in or Create an account to join the conversation.

More
9 years 1 month ago #807 by Leigh Harris
Charlies interesting post ended with the question,do public bodies pay on time?

Follow the link below and draw your own conclusions as far a N ireland is concerned:
www.whatdotheyknow.com/request/n_ireland_prompt_payment_olympic#incoming-277595

Please Log in or Create an account to join the conversation.

More
9 years 1 month ago #808 by jimbo22
Am I reading this correct ?

Page 8 - 99,440 Invoices Paid Late to end of December 2011

Is that right ???

Please Log in or Create an account to join the conversation.

Time to create page: 0.147 seconds