§ Baroness Ludfordasked Her Majesty's Government:
When they expect to bring forward legislation on late payment in commercial transactions to meet the requirements of the Late Payment Directive 2000/35/EC. [HL3676]
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§ The Parliamentary Under-Secretary of State, Department of Trade and Industry (Lord Sainsbury of Turville)We aim to bring forward legislation to comply with the date for implementation of this Directive, which is before 8 August 2002.
I would like to thank the Better Payment Practice Group for their support. The members of the Group are: the Association of British Insurers, the Association of Chartered and Certified Accountants, the British Bankers Association, the British Chambers of Commerce, the Confederation of British Industry, the Chartered Institute of Management Accountants, the Credit Management Research Centre, the Credit Services Association, the Factors and Discounters Association, the Forum for Private Business, the Federation of Small Businesses, the Institute of Chartered Accountants in England and Wales, the Institute of Credit Management, the Institute of Directors, the Institute of Exporters, the National Farmers Union, and the Union of Independent Companies.