- Department for Business, Energy & Industrial Strategy
- Part of:
- Business regulation and Business enterprise
- 8 March 2013
- Last updated:
- 3 October 2014, see all updates
Guide to amended late payment legislation which comes into force on 16 March 2013, implementing European Directive 2011/7/EU.
This guide provides general advice for businesses and public authorities on the amended late payment law.
Amended late payment legislation comes into force on 16 March 2013, implementing European Directive 2011/7/EU on combating late payment in commercial transactions. The amended legislation will make pursuing payment a simpler process across the European Union, reducing the culture of paying late and making paying on time the norm.
Under the new rules, debtors will be forced to pay interest and reimburse the reasonable recovery costs of the creditor, if they do not pay for goods and services on time (60 days for business and 30 days for public authorities).
Published: 8 March 2013
Updated: 3 October 2014
- Guidance on payment between public authorities and business clarified on page 9.
- First published.