Late Payment Legislation

The UK was one of the first countries in the EU to introduce legislation to promote a culture of prompt payment. That was in 1998.Since then, in August 2002, provisions have been extended.

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Four out of five companies have successfully issued a winding up order

A survey among UK companies by the Better Payment Practice Group (BPPG) has found that four out of five have successfully issued a winding up order.

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Poor payment tops list of business owners' concerns in latest economic downturn panel survey according to Forum of Private Business 22 Sept 09

Almost a quarter (23%) of respondents to the survey selected late payment and subsequently poor cash flow as their ‘key issue' – more than those who voted for a lack of sales (20%), and complying with health and safety regulations (11%).

Even declining bank lending was deemed to be less of a concern than poor payments. The banks' tardy decision making was the major issue for 6% of respondents, and the steep cost of bank lending the major concern for 4%.

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