What are the rules regarding late payment of commercial debts?
The main rules in this area are derived from the Late Payment of Commercial Debts (Interest) Act 1998. In basic terms if you can agree with your supplier any period of payment terms (i.e. 30, 60 or 90 days) then you must pay within this period. Any delay in payment will result in the supplier being able to levy a charge for any outstanding time period.
