Scottish Statutory Instruments
2002 No. 336
CONTRACTS
The Late Payment of Commercial Debts (Rate of Interest) (Scotland) Order 2002
Made
2nd July 2002
Laid before the Scottish Parliament
4th July 2002
Coming into force
7th August 2002
The Scottish Ministers, having considered the extent to which it may be desirable to set the rate of statutory interest so as to protect suppliers whose financial position makes them particularly vulnerable if their qualifying debts are paid late and deter generally the late payment of qualifying debts, in exercise of the power conferred on them by section 6 of the Late Payment of Commercial Debts (Interest) Act 1998(1), and of all other powers enabling them in that behalf, hereby make the following Order:
1998 c. 20; the functions of the Secretary of State, insofar as they relate to Scotland, were transferred to Scottish Ministers by virtue of section 53 of the Scotland Act 1998 (c. 46).