https://wiki.treasurers.org/w/index.php?action=history&feed=atom&title=Late_Payment_DirectiveLate Payment Directive - Revision history2026-06-24T07:50:29ZRevision history for this page on the wikiMediaWiki 1.40.0https://wiki.treasurers.org/w/index.php?title=Late_Payment_Directive&diff=29660&oldid=previmported>Doug Williamson: Create page - source - European Commission - https://ec.europa.eu/growth/smes/sme-strategy/late-payment-directive_en2022-02-02T07:29:04Z<p>Create page - source - European Commission - https://ec.europa.eu/growth/smes/sme-strategy/late-payment-directive_en</p>
<p><b>New page</b></p><div>''Late payment - European Union (EU) - small & medium-sized enterprises.''<br />
<br />
The EU's Directive 2011/7/EU on combatting late payment in commercial transactions, 2011.<br />
<br />
<br />
The Late Payment Directive's main provisions include:<br />
<br />
<br />
*Public authorities to pay for most goods and services that they buy within 30 days.<br />
*Other organisations to pay their invoices within 60 days, unless they expressly agree otherwise - and provided it is not grossly unfair.<br />
*Automatic entitlement to interest for late payment.<br />
*Statutory interest on late payment of at least 8% above the European Central Bank’s reference rate.<br />
<br />
EU member countries may continue maintaining or bringing into force laws and regulations which are more favourable to the creditor than the Late Payment Directive.<br />
<br />
<br />
Member countries had to implement the Late Payment Directive into their local national laws by 2013.<br />
<br />
<br />
Despite the Late Payment Directive, small and medium-sized organisations continue to have substantial problems with slow payments - especially by their larger customers.<br />
<br />
Many suppliers remain reluctant to exercise their rights, for fear of damaging commercial relationships - especially with their largest customers.<br />
<br />
<br />
== See also ==<br />
*[[Chartered Institute of Credit Management]]<br />
*[[Credit]]<br />
*[[Directive]]<br />
*[[European Central Bank]] (ECB)<br />
*[[European Commission]]<br />
*[[European Union]] (EU)<br />
* [[Norm]]<br />
*[[Open account]]<br />
*[[Payment practices reporting]]<br />
*[[PPC Compliance Board]]<br />
*[[Prompt Payment Code]]<br />
*[[Reference rate]]<br />
*[[Small and Medium-sized Enterprises]]<br />
*[[Small Business Commissioner]]<br />
*[[Statutory interest]]<br />
<br />
<br />
==External link==<br />
*[https://ec.europa.eu/growth/smes/sme-strategy/late-payment-directive_en Late Payment Directive - European Commission]<br />
<br />
[[Category:Accounting,_tax_and_regulation]]<br />
[[Category:The_business_context]]<br />
[[Category:Identify_and_assess_risks]]<br />
[[Category:Manage_risks]]<br />
[[Category:Risk_frameworks]]<br />
[[Category:Risk_reporting]]<br />
[[Category:Liquidity_management]]<br />
[[Category:Trade_finance]]</div>imported>Doug Williamson