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 for late payment. The cost varies according to the amount of the debt as shown in the table below.

Size of unpaid debt Sum to be paid to the creditor
Up to

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Tags: collection, debt recovery, invoices, overdue, past due

This entry was posted on Friday, February 19th, 2010 at 8:12 pm and is filed under Business and Management. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.