News
Late payment legislation
28 - 02 - 2020
New legislation tackling late payments (courtesy of trusttheguild.com) A substantial step forward in solving the perennial problem of late payments is currently awaiting discussion in the House of Lords. A private member’s bill - demanding a 30-day limit on settling invoices - has received a first reading, following its introduction to the House by Labour Peer Lord Mendelsohn on 21st January. a date for a general Lords debate on the bill had not been scheduled. The core of the proposed new law is a statutory limit of 30 days for settling all invoices. There will also be a blanket ban on the practice of expecting suppliers to be out of pocket in return for prompt payment. The bill also outlaws the system of large construction contractors charging fees to smaller firms to be included on preferred supplier lists.
