On the 9 September 2021, new regulations were announced to come into force on the 1 October 2021. The result of these regulations coming into force means that from 1 October 2021, there will be a new Form 6A for a Section 21 Notice and a new Form 3 for...
When it comes to late payments of money that your business is owed by another company or organisation, this area of law is covered by the Late Payment of Commercial Debts (Interest) Act 1998. The legislation is designed to deter late payments of commercial debts in the first place, but also ensures that if repayments are late, the business that is owed the money can be appropriately compensated.
The Late Payment of Commercial Debts (Interest) Act 1998 applies only to commercial debt, but this includes sole traders, freelancers and other self-employed individuals as well as limited companies. This legislation does not cover personal transactions or borrowing.
If your business is trying to recover interest on late payments that are owed to you, or you want to know more about the commercial debt recovery process, please contact our expert team on 0161 696 6170 to find out how we can help.