A Bill to make provision to amend the statutory limits for payment of invoices; make provision for a statutory time limit for resolving payment disputes; amend interest for late payments and penalties for persistent late payments and non-compliance; prohibit specified payment practices, on-boarding and pay-to-stay; require payments becoming due under public sector construction projects to be held in project bank accounts; amend the remit, role and powers of the Small Business Commissioner in regard to late payments; provide for a duty on auditors to publish late payment data; and for connected purposes.
The Bill was introduced by Lord Mendelsohn, read a first time and ordered to be printed.