kerry davies Posted October 10, 2012 Share Posted October 10, 2012 Thread necrophilia apart, there is a consultation on the EU late payment directive which the government is rushing through so there is little time to respond to THIS!They have delayed until the last possible moment as the directive has to be enforced in UK law by March 2013 and the consultation ends on the 19th of this month, next Friday. Main points of the change will be; Public authorities will be required to pay suppliers within 30 calendar days of receipt of an undisputed invoice. For business to business payments, the period for payment fixed in the contract should not exceed 60 days, unless otherwise expressly agreed and provided such terms are not grossly unfair. There is a minimum €40 (approximately £31) for compensation (which is less than the current three tiered compensation). Suppliers will be able to claim additional costs for recovery such as using a professional debt collecting agency or instructing a lawyer.Sign up and comment. Link to comment Share on other sites More sharing options...
paulears Posted October 10, 2012 Share Posted October 10, 2012 I don't understand where the 60 days has appeared from for B2B? Has the Government decided the 30 days only applies to public companies and business to private transactions? I've ahd a look but can't seem to tease it out? Link to comment Share on other sites More sharing options...
J Pearce Posted October 10, 2012 Share Posted October 10, 2012 Should not exceed 60 days is the phrase, presumably to offer smaller contractors some protection from larger companies who say our policy is 90 days, deal with it.How much effect it will have is a different matter. Link to comment Share on other sites More sharing options...
kerry davies Posted October 10, 2012 Share Posted October 10, 2012 The Directive Read the above then see where the directive has been interpreted by the coalition as far as possible in favour of the big companies that avoid paying. Lot of SME groups pretty upset by it. Link to comment Share on other sites More sharing options...
zonino Posted October 10, 2012 Share Posted October 10, 2012 I don't understand where the 60 days has appeared from for B2B? Has the Government decided the 30 days only applies to public companies and business to private transactions? I've ahd a look but can't seem to tease it out? Public Authorities, not Public Companies (i.e. PLCs) Link to comment Share on other sites More sharing options...
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