EU Adopts Amended Late Payment Directive

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In 2000 the EU adopted a Directive regarding late payment in commercial transactions and this directive was implemented in the UK through The Late Payment of Commercial Debts Regulations 2002.

In 2009 a report by the European Commission found that there was just under €2trn of late payments in the European economy, of which over a half was owed to small or medium businesses and so the Commission proposed replacing/amending the Late Payments Directive to try to deal with the continuing problem of late payments within the EU.

In October 2010 the European Parliament approved an amended directive and on 24 January 2011 the amended directive was formally adopted by the European Parliament

The new Directive will come into force twenty days after its publication in the Official Journal which as at 1 February 2011 has not yet been published.

Read More: http://bit.ly/esSO6a

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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