There could well be an air of disappointment when a small company realise that an account for work completed or equipment supplied to a large company has gone past the agreed settlement date and remains late. The disappointment is that in the past all of the work completed or equipment supplied have been paid [...]
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The government legislation covering the Late Payment of commercial debts was introduced in November 1998 and amended on August 7th 2002, which incorporated EU Directive 2000/35/EC on combating late payment in commercial transactions.The basis of this legislation is to permit a creditor to make a cost on the debtor plus the debt owed, as penalty [...] If a small enterprise has done work or supplied goods for a larger enterprise and has then sent the account for the work or goods but after the required waiting delay the larger enterprise has still not paid the account, what risks are there for going straight to Debt collection? If the small enterprise went to [...] Where a company has completed a project for another company and has had the job signed off by the Project Manager and then presented their invoice only to later discover that the closing date for payment has passed and payment has not been received, and they have not paid despite several phone calls. If [...] In the current financial climate it should not be strange to find customers of companies that must return or exchange items, quite legally, to find themselves having to organisation. If the supplier had been taken down this road then it may be that exchange of items would not be an option as the [...] A financial downturn can affect companies in different ways, for some it can put them out of business, some can keep running more or less as normal, such as the financial institutions including those that were funded by the government, whilst most likely the majority can keep going but see that they have poor sales, [...] |
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