Does the Government owe YOU?

legal updates

UK small and medium sized businesses owed £26.3 billion in late payments.

Read our disclaimer keyboard_arrow_down

This website content is intended as a general guide to law as it applies to the motor trade. Lawgistics has taken every effort to ensure that the contents are as accurate and up to date as at the date of first publication.

The laws and opinions expressed within this website may be varied as the law develops. As such we cannot accept liability for or the consequence of, any change of law, or official guidelines since publication or any misuse of the information provided.

The opinions in this website are based upon the experience of the authors and it must be recognised that only the courts and recognised tribunals can interpret the law with authority.

Examples given within the website are based on the experience of the authors and centre upon issues that commonly give rise to disputes. Each situation in practice will be different and may comprise several points commented upon.

If you have any doubt about the correct legal position you should seek further legal advice from Lawgistics or a suitably qualified solicitor. We cannot accept liability for your failure to take professional advice where it should reasonably be sought by a prudent person.

All characters are fictitious and should not be taken as referring to any person living or dead.

Use of this website shall be considered acceptance of the terms of the disclaimer presented above.

Are you a business waiting for payment of some of the £26.3 billion of the outstanding debt owed to SMEs (small medium enterprises)?

As of December 2016, it was reported that UK small and medium sized businesses were owed £26.3 billion in late payments.

Recognising this as a problem for the sustainability and growth of the SME sector, the Government are creating The Small Business Commissioner, an independent body set up under The Enterprise Act 2016 to:

1.    Provide general advice and information to small businesses and
2.    Consider complaints from small businesses in relation to payment issues with larger business clients.

The head of the Commissioner is currently being recruited and they hope to be up and running in the Autumn of 2017 at which point small businesses (in this case those with less than 50 staff) should be able to seek help with payment disputes with larger businesses and report poor payment and fee practices from larger organisations in an effort to improve SME cashflow.

Wearewood Services LtdMotor Trade Web Specialists

We offer an all-encompassing web, digital & design service specially tailored to the Motor Industry.

Nona BowkisHead of Legal Services / SolicitorRead More by this author

Related Legal Updates

Unlawful attempt to wind up car dealer’s company thwarted

The expression “petition” in the legal sense is where (usually) the creditor makes an application to the court.

Help! I am being chased for interest and compensation against invoices I paid years ago

We would advise you to check your contracts with suppliers for the payment terms and what happens in the event of late payment.

Chasing a debt

You now have to give the person 30 days to respond and either make payment or send back the reply form and information sheet.

Cheques – As good as cash

If you end up with a cheque which is bounced, the next step is to put the drawer on notice of the dishonoured cheque.

Statutory interest and compensation in business to business transactions

The compensation starts at £40 for commercial debts of less than £1,000 and escalates to £100 for commercial debts of £10,000 or more.

New rules for those chasing bad debts

If you are chasing a debt from 1 October 2017, you need to be aware of and follow the new rules.

Abuse of process – inappropriate use of the threat of insolvency

The Solicitors acting for the Creditor should have known better than to use the threat of insolvency for debt collection purposes,

Get in touch

Complete the form to get in touch or via our details below:

01480 455500

Vinpenta House
High Causeway

By submitting this quote you agree to our Terms & Conditions and Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.