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ARTICLE · 11 NOVEMBER 1998

A New Right to Interest

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United KingdomFinance and Banking
The Late Payment of Commercial Debts (Interest) Act 1998 ("the Act") came into force on 1 November 1998. The Act creates a statutory right to interest upon the late payment of a commercial debt. The intention is for the Act to be phased in over three stages. These stages are as follows:

  • for the first two years (1 November 1998 to 31 October 2000), small businesses will be able to claim interest from large businesses and the public sector on debts incurred on contracts agreed on or after 1 November 1998. It is this first stage which came into effect on 1 November 1998
  • the right to claim interest is then intended to be extended from 1 November 2000 to 31 October 2002 so that small businesses will also be able to claim statutory interest from other small businesses - as well as from large businesses and the public sector

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