UK Exporters Look Forward to new Late Payment Protection


Research carried out by the Credit Management Research Centre (CMRC), a member of the Better Payment Practice Group, has highlighted concerns from UK exporters about the effect of late payment on their business. However, the good news for these businesses is that the EC Directive on Late Payment, which comes into force on 7 August, will provide exporters with a greater ability to recover commercial debt when trading in Europe.

Initial findings from the April study of 15,000 UK exporters for the 2002 GERLING NCM Export Survey, revealed 84% of companies were concerned about the possibility of a bad debt when dealing with customers. Businesses taking longer to pay were reported by two thirds of the firms and 69% felt they were spending too much time chasing payments.

The new EC Directive on Late Payment has been created to provide a 'level playing field' for European trade and help reduce payment times throughout Europe. Important features include:



All news and features older than 7 days are subscription only. This article is from the archive. Archived articles could only be accessed with the subscription. If you are a subscriber please log in, alternatively you need to purchase a subscription to view the full content for this page.