Lamport Bassitt Solicitors - Legal News - Firms urged to sign up to late payment scheme


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Firms urged to sign up to late payment scheme In a bid to lessen the need for firms to engage in debt recovery as a result of late payments, businesses have been urged to sign up to a government initiative. Entitled the Prompt Payment Code, the scheme gets companies to commit to paying their suppliers on time. According to Deborah Cadman, chief executive of the East of England Development Agency, increased take-up of the initiative will help UK businesses get through the current tough times, Business Weekly reports. She is also writing to local councils, other public sector bodies and business groups who have yet to sign up encouraging them to do so. Ms Cadman stated: "The costs to business of late payments is quite staggering, with one in four companies going insolvent as a result of their invoices not being paid on time." Devised by the government with the Institute of Credit Management, the Prompt Payment Code is particularly geared to help small businesses. Related Articles: 31/1/2012 - Mediation services could be the healthy alternative during divorce 27/1/2012 - NHS trust faces legal action over mileage rates 24/1/2012 - Ken Clarke backs mediation services push 11/1/2012 - Djanogly renews calls for mediation over court 23/12/2011 - Landbanking companies ordered into liquidation More Dispute Resolution News