The Late Payment of Commercial Debts (Amendment) Regulations 2015
| Jurisdiction | UK Non-devolved |
2015No. 1336
CONTRACTS, ENGLAND AND WALES
CONTRACTS, NORTHERN IRELAND
The Late Payment of Commercial Debts (Amendment) Regulations 2015
27thMay2015
29thMay2015
21stJune2015
The Secretary of State, being a Minister designated( 1) for the purposes of section 2(2) of the European Communities Act 1972( 2) in relation to matters relating to the combating of late payment in commercial transitions, makes the following Regulations in exercise of the powers conferred by section 2(2) of that Act.
Citation, commencement and extent
1.-(1) These Regulations may be cited as the Late Payment of Commercial Debts (Amendment) Regulations 2015 and come into force on 21st June 2015.
(2) These Regulations extend to England and Wales and Northern Ireland.( 3)
(3) These Regulations do not affect contracts made before 21st June 2015.
Amendment of the Late Payment of Commercial Debts (Interest) Act 1998
2.-(1) Section 4 of The Late Payment of Commercial Debts (Interest) Act 1998 (period for which statutory interest runs) is amended as follows.
(2) After subsection (2) insert-
"(2A) The relevant day for a debt is-(a) where there is an agreed payment day, that day, unless a different day is given by subsection (2D), (2E) or (2G);(b) where there is not an agreed payment day, the last day of the relevant 30-day period.(2B) An "agreed payment day" is a date agreed between the supplier and the purchaser for payment of the debt (that is, the day on which the debt is to be created by the contract).(2C) A date agreed for payment of a debt may be a fixed date or may depend on the happening of an event or the failure of an event to happen.(2D) Where-(a) the purchaser is a public authority, and(b) the last day of the relevant 30-day period falls earlier than the agreed payment day,the relevant day is the last day of the relevant 30-day period, unless subsection (2G) applies.
(2E) Where-(a) the purchaser is not a public authority, and(b) the last day of the relevant 60-day period falls earlier than the agreed payment day,the relevant day is the last day of the relevant 60-day period, unless subsection (2G) applies.
(2F) But subsection (2E) does not apply (and so the relevant day is the agreed payment day, unless subsection (2G) applies) if the agreed payment day is not grossly unfair to the supplier (see subsection (7A)).(2G) Where the debt relates to an obligation to make an advance payment, the relevant day is the day on which the debt is treated by...To continue reading
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