Companies ignore late payment rules

Average time to pay bills rises despite interest law

News, 3 May 2005

Companies are delaying longer before meeting their bills, despite legislation requiring interest on late payments, according to credit analyst Experian.

Experian has produced figures showing that large companies are now taking an average 80.3 days to pay up, the highest figure sine the Late Payment of Commercial Debts (Interest) Act 1998 came into force.

Across the whole corporate sector, the average is 60.8 days, up by over three days from six years ago.

Experian claims that the increase has been a factor in the number of company insolvencies in recent months.

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