Late Payments

News & Analysis as of

Germany's Draft Bill on Combating Late Payment in Commercial Transactions: Potential Consequences for Businesses on Both the Legal...

On April 1, 2014, the German cabinet (Bundeskabinett) agreed upon a draft bill on combating late payment in commercial transactions in order to transform certain articles of the Directive 2011/7/EU1 into German law. The...more

Bank Late Payment Fees Held to be Penalties – Class Action Risk for Other Industries

Paciocco v ANZ [2014] FCA 35 - The Federal Court of Australia (Federal Court) has held that late payment fees charged by a bank to its credit card customers were unlawful penalties. Paciocco v ANZ [2014] FCA 35...more

A Claim for Bad Faith is Not Eliminated By A Late Payment of the Insured’s Economic Damages

The United States District Court for the Southern District of California recently considered whether the carrier’s late payment of the insureds’ economic damages eliminated a claim for bad faith and held that it does not....more

Reports Of Late Payments To Credit Reporting Agencies While Bankruptcy Is Pending Do Not Violate Federal And State Fair Credit...

After filing for Chapter 7 bankruptcy, a consumer discovered that her credit report listed delinquent payments to a bank even though she had been current with her payments up to the date she filed. After disputing the report...more

In Site Spring 2013

Welcome to the Spring edition of In Site. This edition covers the following topics: - A brief overview of the “Jackson cost reforms” to civil litigation which came into force on 1 April 2013 - A note of the...more

New Changes to the Late Payment of Commercial Debts (Interest) Act

On 16 March 2013, new regulations came into force in relation to the Late Payment of Commercial Debts (Interest) Act. Enacted to incorporate a recent EU Directive, these new regulations introduce a maximum payment...more

State Law Update: North Dakota Amends Mortgage Late Payment Fee Restrictions

Last month, North Dakota enacted SB 2136, which altered provisions related to late mortgage payment fees. Effective August 1, 2013, a charge for a late payment penalty may be imposed only if the amount of the late charge or...more

Creditors Beware - Time to Health Check Your Terms and Conditions of Sale & Invoicing Practices

Introduction - Under Directive 2011/7/EU dated 16 February 2011, EU states had until the middle of this month to implement a number of measures to combat against late payment of invoices in commercial transactions, an...more

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