- Thread starter ukracer
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premmington
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- Norfolk
Agree 100%
Although the below only applies for company-to-company transactions, it caused a major headache for me as I was executor for someone who'd died.
In a nustshell, if you are a business, make sure you pay your invoices on time, particulalry to other small businesses (that may fold in near future, unlike say, BT; British Gas etc..). My friend, when alive, ran a business that was often late, by a month or more, paying invoices to an agricultural maintenance firm, but always paid. The agric firm folded, but the defunct firm was bought by an outfit called Calibus Ltd. Apparantly, there is a little known law here in UK where the new owner can claim compensation for such late invoices - a few percent interest on the outstanding amount over the time it was due. The other part of the compensation was a £150 penalty. As executor, 14 months after friend had died, I got letter from Calibus Ltd setting out all the late invoices (as they were now in possession of the agric firms data), and totting up the penalties, I need to stump up around £8k. Luckily, had advertised the death in the London Gazette, and the time window for such claims on estate had expired - which as executor I'm liable for....
Not sure they still exist - found this: https://hk.linkedin.com/company/calibus-ltd - interested what people here reckon and if awarenes of this law is widely known..?
In a nustshell, if you are a business, make sure you pay your invoices on time, particulalry to other small businesses (that may fold in near future, unlike say, BT; British Gas etc..). My friend, when alive, ran a business that was often late, by a month or more, paying invoices to an agricultural maintenance firm, but always paid. The agric firm folded, but the defunct firm was bought by an outfit called Calibus Ltd. Apparantly, there is a little known law here in UK where the new owner can claim compensation for such late invoices - a few percent interest on the outstanding amount over the time it was due. The other part of the compensation was a £150 penalty. As executor, 14 months after friend had died, I got letter from Calibus Ltd setting out all the late invoices (as they were now in possession of the agric firms data), and totting up the penalties, I need to stump up around £8k. Luckily, had advertised the death in the London Gazette, and the time window for such claims on estate had expired - which as executor I'm liable for....
Not sure they still exist - found this: https://hk.linkedin.com/company/calibus-ltd - interested what people here reckon and if awarenes of this law is widely known..?
