Where does Prompt Payment Legislation Apply?

A

amgd28

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I know prompt payment legislation used to only apply to public bodies, but I thought I had heard that it had been reviewed to include all companies following an EU directive.
Does anybody know the definitive position on this?
And does the term 'public bodies' encapsulate semi-states also?
 
havent heard of it applied to private companies but would imagine it applies to semi-state but cant be sure to be honest.
 
Since 2002, the provisions of the Prompt Payments Act are superceded by the

This applies to both public and private transactions - after 30 days, interest may be charged at a rate tied to ECB.
 
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