BPPGBetter Payment Practice Group (UK)
BPPGBureau Procurement Planning Guide
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html A co-operative forum of representatives of the business community and government make up the BPPG which seeks to help improve the payment culture among organisations trading in the UK
BPPG member Peter Rowe said: "The BPPG would like all firms to be responsible about paying suppliers on time.
The BPPG has added guidance to explain the legalities of phoenix.
He added: "The BPPG also advises that it is essential to credit check new customers and to continue to monitor their payment practices throughout the business relationship.
Further advice on credit checking can be found on the BPPG website: www.
The BPPG website offers free advice on improving credit management including a guide to paying and being paid on time which can be downloaded from www.
Kate Beddington-Brown, assistant director general of the Institute of Credit Management and a member of the BPPG, said: 'Trade credit is a privilege, not an automatic right and it is vital that companies protect themselves from risk of late payment, or bad debt.
Clive Lewis, BPPG member and head of small business issues at the Institute of Chartered Accountants in England and Wales, said: ``It is important that businesses are able to exercise their statutory right to claim interest under the legislation if they are not paid to agreed terms and it is encouraging to see that, when asked, the majority of businesses are paying these charges in full.
The BPPG, through its member the Credit Management Research Centre based at Leeds University Business School, monitors overdue payment days.
Richard Wilson, BPPG chairman and head of business policy at the Institute of Directors, said: ``Electronic transfer can be an excellent way of reducing late payment as customer payments are automatically deposited into the supplier's bank account on the agreed date.
The BPPG is concerned that this is deterring firms from using the late payment legislation and is reminding businesses about the free statutory interest calculator on its website.
Stephen Lewis, BPPG member representing the Credit Services Association, said: "This is a very worrying statistic.