The Prompt Payment Code is a government initiative administered by the Charted Institute of Credit Management.  It is designed to encourage, promote and set an example of best practice between organisations and their suppliers.  Companies that sign up for it undertake to:

-  pay suppliers on time

-  give clear guidance to suppliers

-  encourage good practice

Following industry feedback, the code is in the process of being strengthened and is now asking signatories to pay their suppliers within 30 days as the norm.

Further information can be found here.