Late Payments Directive
| European Union directive | |
| Title | DIRECTIVE 2011/7/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 February 2011 on combating late payment in commercial transactions |
|---|---|
| Made by | European Parliament & Council of the EU |
| Current legislation | |
The Late Payments Directive, 2011/7/EU,[1] is a Directive of the European Union about commercial late payments. It replaced the previous Late Payment Directive 2000/35/EC.[2]
Like all European Union directives, this is an instrument which requires member states to enact its provisions in national legislation by 16 March 2013.[3] The directive applies to all member states.
The directive aims to achieve 'a decisive shift to a culture of prompt payment' [4] and requires debtors to pay interest and the reasonable recovery costs of the creditor if they do not pay for goods or services on time. The limits are within 60 days for businesses and within 30 days for public authorities.[5]
See also
- Payment Services Directive
- Late Payment of Commercial Debts (Interest) Act 1998
- Antonio Tajani#Late Payments Directive
References
- ↑ 2011/7/EU
- ↑ 2000/35/EC
- ↑ Single market for goods Fighting Late Payments
- ↑ 2011/7/EU
- ↑ GOV.UK 'Late Payment Directive: user guide to the recast Directive' https://www.gov.uk/government/publications/late-payment-directive-user-guide-to-the-recast-directive
External links
- Documents from the European Council, Commission, and Parliament
- With regard to the United Kingdom