3. For regulation 3 (proceedings restraining use of grossly unfair terms), substitute—
3.—(1) In this regulation, “representative body” means an organisation established to represent the collective interests of any enterprise, either in general or in a particular sector or area.
(2) Paragraph (3) applies where a person acting in the course of a business enters (or intends to enter) as purchaser into a contract to which the Late Payment of Commercial Debts (Interest) Act 1998(1) applies.
(3) On the application of a representative body, the High Court may grant an injunction on such terms as it thinks fit restraining the person from relying on a term in the contract, or engaging in a practice in relation to the contract, where that term or practice relates to—
(a)the date or period for payment of a debt;
(b)the right to interest for late payment of a debt; or
(c)compensation arising out of late payment of a debt;
and in all the circumstances of the case that term or practice appears to the High Court to be grossly unfair.”.