Businesses could face fines for late payment

A late payment toll for firms paying suppliers late is one of several options being examined by the Department for Business (BIS) to encounter the problem of late payments. The idea, which is modelled on a similar system in Sweden, would involve fining companies that fail to pay suppliers within 30 days. Previous efforts to combat late payments, such as the initiation of the Prompt Payment Code, have not been successful, with less than half of Britain’s biggest companies currently signed up to the Code.
There is more about the options being considered at:
http://www.telegraph.co.uk/finance/yourbusiness/10238415/
Businesses-may-face-late-payment-fines.html

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