EU on combating late payment in commercial transactions

On February 12, 2011 the European Parliament and the Council enacted a new directive concerning late payments in commercial transactions. The new directive repeals the Directive 2000/35/EC with effect from 16 March 2013.

The provisions of the new directive provide that:

Public authorities will have to pay for the goods and services that they procure within 30 days or, in very exceptional circumstances, within 60 days.
Enterprises will have to pay their invoices within 60 days, unless they expressly agree otherwise and if it is not grossly unfair.
Enterprises will automatically be entitled to claim interest for late payment and will also be able to obtain a minimum fixed amount of €40 as a compensation for recovery costs. They can claim compensation for all remaining reasonable recovery costs.
The statutory Interest rate for late payment will be increased to at least 8 percentage points above the European Central Bank’s reference. Public authorities are not allowed to fix an interest rate for late payment below.

Member States may continue to maintain or to bring into force laws and regulations which are more favourable to the creditor than the provisions of the new directive.

French version / version en français

webmaster: skenazi@eamtm.com

View Statistics