Press Release: European Commission welcomes European Parliament approval for new rules against late payment

European Commission Vice-President Antonio Tajani welcomed the European Parliament vote on the 20 October 2010 in favour of a new directive on combating late payment in commercial transactions.

The directive will give better protection to creditors, in most cases SMEs, while respecting the freedom of contract. Public authorities will have to pay within 30 days, or else pay an interest rate of 8%. This measure is expected to result in an extra €180 billion of liquidity being available to businesses.

ESO: Background information: EU late payment law moves a step cl http://www.europeansources.info/record/eu-late-payment-law-moves-a-step-closer/

European Commission: DG Enterprise and Industry: Policies: Single market for goods: Fighting late payments http://ec.europa.eu/enterprise/policies/single-market-goods/fighting-late-payments/index_en.htm

European Parliament: Legislative Observatory: Commercial transactions: combating late payment. Recast http://www.europarl.europa.eu/oeil/popups/ficheprocedure.do?id=576908

European Parliament: Press Release, 20.10.10: Late payments: Parliament approves general 30-day deadline to pay a bill http://www.europarl.europa.eu/en/pressroom/content/20101020IPR88428

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