UK Businesses Urged to Participate in Consultations over European Payment Directives
The Better Payment Practice Group is urging UK businesses to take part in the consultation process on implementing a European Commission directive on combating late payment. The consultation document can be seen on its website (www.payontime.co.uk) and businesses have until 27 April 2001 to participate. The directive’s chief features include an automatic right to interest on a payment after 30 days, unless a date is specified in a contract; and a right for the creditor to claim reasonable compensation from the debtor for all relevant recovery costs.
Source: Financial Times
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