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× Welcome to the late payment of commercial debts (interest) act. Forum!

Post questions here regarding the use of the Late Payment Legislation

company by guarantee

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13 years 7 months ago #369 by charlesally
company by guarantee was created by charlesally
I am the chairman of a LTD company by guarantee which administers an area of water and foreshore under a Duchy of Cornwall Lease. We collect rent from boat owners and local marinas who use the fundus.
Are we entitled to use the Late Payment Legislation in charging interest on late payments from Marina operators?

Also if an individual boat owner uses a marina is he subject to that legislation? I receive an invoice which threatens 11.5% as per EU 2000/35/EC.

thanks for comments
regards
charles

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13 years 7 months ago #370 by David J
Replied by David J on topic Re: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

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  1. Forum
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  5. The late payment of commercial debts (interest) Act.
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