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International Restructuring Newswire
Welcome to the Q3 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
United Kingdom | Publication | January 2024
On 10 January 2024, the draft Reporting on Payment Practices and Performance (Amendment) Regulations were laid before Parliament (2024 Regulations), together with an accompanying draft Explanatory Memorandum. The 2024 Regulations amend the Reporting on Payment Practices and Performance Regulations 2017 (Principal Regulations) and the Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (the LLP Regulations) and follow a consultation on the Principal Regulations launched in January 2023.
The Principal Regulations and the LLP Regulations impose a requirement on large companies and limited liability partnerships (LLPs) to publish certain information twice per financial year about their practices, policies and performance in relation to paying suppliers. The 2024 Regulations extend the Principal Regulations and the LLP Regulations beyond their current sunset date of 6 April 2024 to 6 April 2031 and require additional information to be reported by qualifying companies and LLPs.
The 2024 Regulations amend the Schedule to the Principal Regulations which sets out the information that a qualifying company is required to publish in relation to each reporting period. They carry forward the existing reporting requirements. In addition, among other things, the 2024 Regulations do the following:
The Explanatory Memorandum states that the Government is publishing updated guidance for large businesses in scope of the duty on how to comply.
The 2024 Regulations are expected to come into force on 5 April 2024.
(Draft Reporting on Payment Practices and Performance (Amendment) Regulations 2024 and draft Explanatory Memorandum, 10.01.2024)
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Welcome to the Q3 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
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