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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations implement requirements of Directive 2011/7/EU of the European Parliament and of the Council of 16th February 2011 on combating late payment in commercial transactions.

These regulations amend Section 4 of the Late Payment of Commercial Debts (Interest) Act 1998 (c.20). The amendment clarifies the statutory limits set for payment periods for commercial debts at a maximum of 60 days in most cases and 30 days for those debts incurred by public authorities.

No impact assessment has been produced as no cost to the business or voluntary sectors is foreseen.