The UK government has recently launched a consultation on a proposal that seeks to strengthen SMEs’ bargaining power in dealings with big business. Image may be NSFW.
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The government says it has identified a need for swifter and more effective resolution to disputes with large businesses, particularly in relation to late payment. It proposes a new “Small Business Commissioner” to help effect a culture change whereby such disputes can be dealt with efficiently and cost-effectively, while maintaining the business relationship between the SME and the larger business.
The proposed functions of the Small Business Commissioner would be to:
- offer information and advice as to how small businesses can best protect their interests and avoid disputes, as well as support them in resolving any disputes that do arise;
- provide a quick and affordable mediation process; and
- deal with complaints regarding allegedly unfair practices on the part of large businesses where no legal issues are raised.
The proposal forms part of a wider set of measures tackling late payment culture, including the new requirement – due to come into force in April 2016 – for large companies and LLPs to report on their payment practices and policies
Responses to the consultation are requested by 21 August.
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Clik here to view.
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