MOTOR INSURERS' BUREAU
Company number: 00412787
Reporting period:
1 January 2026 to 30 June 2026
Report filed on:
31 July 2026
Approved by:
Harkamal Phagura
Contracts and payments
Do any of this business's construction contracts with its suppliers include retention clauses? No
Payment statistics
Average time taken to pay invoices: 11 days
Total value paid:
- within 30 days: £21,306,092 (86%)
- in 31 to 60 days: £3,061,991 (12%)
- in 61 days or more: £269,495 (1%)
Invoices paid:
- within 30 days: 93%
- in 31 to 60 days: 6%
- in 61 days or more: 1%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £3,331,486
- payments due in the reporting period which have not been paid within the agreed period: 7%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
our payment terms is 30days following the receipt of a valid invoice and no changes in payment terms between each reporting period.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
Payments made between 31 and 90 days, outside the agreed 30-day payment terms, totalled £3 million. This was due to a major supplier experiencing banking issues, which resulted in payment funds being returned to us on more than one occasion. Resolving the issue took some time, as the supplier needed to provide alternative bank details, which we were required to verify before payment could be released.
Dispute resolution process
If a supplier has a dispute, they can raise it with us in accordance with the dispute resolution procedure set out in the contract. The process starts with the supplier notifying us of the dispute or complaint, after which both parties will attempt to resolve the matter through discussion and mutual agreement.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No