What Is Available For A Small Organisation To Make Use Of If A Larger Organisation Has Not Paid Their Bills?
For small businesses that are waiting to be paid for projects they have completed or products they have despatched to a larger enterprise, once the deadline for payment has passed they may need to think about their Debt collection options.
The deadline for payment may have been set up in the original contracts between the two or more parties, if not then the “Late Payment of Commercial Debts (Interest) Act 2002” sets this as 30 days from either date of the supply of products, or the date an bill was presented.
This legislation also allows the debtor to make a one-off charge to compensate for Debt collection activity as follows:
For debts less than
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