Businesses to be held to 60 day payment period

Debt Recovery is an issue for many small businesses but recent changes are set to perhaps ease the burden slightly. Last weekend a new European directive came into operation which will force businesses to pay invoices within 60 days. The period applies to private sector businesses and goes even further for those in the public sector. Suppliers to the public sector under these new rules will be able to expect to be paid within 30 days. The directive goes even further stating that any late payment will be subject to an interest rate of 7% above the Bank of England base rate. The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.  Setfords Solicitors are a national full service law firm, with debt recovery and dispute resolution  solicitors in Bournemouth  and across the country.