Buy now, pay never?
Rising acceptable debt levels are putting a strain on businesses but help is at hand with new legislation to facilitate payment practices between brokers and customers. Mira Butterworth says debt prevention is better than cure
Bad debts from customers can be crippling for brokers as basic payment practices are essential to the smooth running of any business.
Legislation amended last year aims to improve better payment practices, however. The Late Payment of Commercial Debts (Interest) Act 1998, as amended and supplemented by the Late Payment of Commercial Debts Regulations 2002, is particularly important, according to Dominique Vaughan Williams, the Association of British Insurers' spokeswoman for the Better Payment
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