The world of commercial debt recovery has seen some important changes in the last few weeks. The implementation of the EU Late Payment Directive (Directive 2011/7/EU) on 16 March 2013 now enables late payment interest and additional debt recovery charges to become recoverable if invoices remain unpaid by debtors in commercial transactions.
The new Late Payment Directive only applies to commercial transactions between businesses or businesses and public authorities. The new rules will favour SME’s as there is no minimum debt requirement to be benefit from the directive. Creditors will be entitled to claim interest for late payment and also be entitled to a fixed amount of €40 as compensation for debt recovery costs without having to remind debtors about the unpaid invoice.
Although the new provisions will not apply to contracts made before the commencement date of 16 March 2013 it is important to bear in mind for all future commercial transactions.
Take full advantage of directive to recover what is rightly owed and do not allow businesses and public authorities to get away with non payment of invoices.
Please do not hesitate to contact Cash Protection Agency office on 0116 2688965 to discuss the credit control and debt collection options available to you.
– Jenna Mistry