Press Release: Commission welcomes approval of Late Payments Directive

On 18.5.00, the Industry Council approved the proposed Directive on late payments in commercial transactions. The draft Directive contains a package of measures to combat late payment in commercial transactions in the European Community. The Directive is meant to apply to late payment between all enterprises including the public sector. It provides a legal framework to deter late payers from paying late or from imposing unduly long payment periods on their partners. Moreover, it renders the procedures for recovering debts faster and more efficient. It is expected that the European Parliament will give its final approval of the Directive during its plenary session in June 2000.