The European Commission stays the course to combat late payment in commercial transactions
The European Union is going ahead with its recasting (and repealing) of Directive 2011/7 combating late payment in commercial transactions. After the Call for Evidence that ended in March 2023, the European Commission published in September 2023 its Proposal for a Regulation combating late payment in commercial transactions. The expected timeline for adoption and implementation of the Regulation is 30 months.
The aim of the European institutions is still the same: to strengthen the protection mechanisms of creditors facing late payments from their debtors in order to increase their competitiveness and decrease the number of bankruptcies.