You are here

Commercial debts

Practitioners take note: the Late Payment of
Commercial Debts (Interest) Act 1998 is now fully
in force. By Adam Heppinstall

29 November 2002

Until recently nobody was taking any notice of the Late Payment of Commercial Debts (Interest) Act 1998, as it only applied to certain debts between small business or between small businesses and certain UK public authorities. However, finally, the Government has got round to bringing it fully into force. Are all contracts covered? By s 1 of the Act there is a term implied into every contract to which the Act applies that every qualifying debt under the contract will carry interest in accordance with the Act. The Act broadly covers contracts for the supply and sale of goods and services. Bailment and hiring are expressly covered. Consumer credit agreements and mortgages, among others, are excluded by virtue of s 2(5). The parties to the contract must be both acting in the course of a business and this includes professional activities and the activities of any Government department or local or public authority (public authority is undefined and it is unclear if it ...

Want to read on?

This article is part of our subscription-based access. Please pick one of the options below to continue.

Already registered? Login to access premium content

SUBSCRIBE for one User

Unlimited access to the entire SJ website for a full year for one user.

  • 10 issues a year delivered to you
  • Digital edition of the magazine for one user – sent to your inbox or accessible through the website
  • Access to premium content on the website
  • Access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online
  • Advanced search feature
  • Online support
  • Access to SJ app compatible with Android and Apple devices – coming soon!
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

Subscribe

CORPORATE SUBSCRIPTION

Your department or entire firm can subscribe to Solicitors Journal online, providing easy access for all who require it. Discount corporate subscription rates apply, based on number of users.

The Corporate IP Licence includes:

  • Digital copy of the magazine sent to individuals’ inboxes and accessible through the website. Solicitors Journal publishes 10 issues per year
  • Unlimited access to premium content on the website based on IP addresses
  • Unlimited access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online (username required)
  • Unlimited access to SJ app compatible with Android and Apple devices
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

The Corporate IP Licence is tailored to your firm, making it the most cost effective way for the firm to access Solicitors Journal, and enables the firm to remain compliant with copyright and our Terms and Conditions. This gives you the ability to print and circulate articles within the firm.

To enquire about a Corporate IP Licence for your firm, please contact our Subscriptions Manager on emily.beechey@solicitorsjournal.com.