Brussels, 09/10/2012 (Agence Europe) - A European Commission press release explained that on 5 October in Rome, the European Commissioner for industry, Antonio Tajani, launched an information campaign in the European Union and Croatia with regard to implementation of the directive on late payments. The directive transposition deadline has been set out for March 2013 and Mr Tajani would like to see it applied as soon as possible.
The directive is aimed at taking action with regard to late payments in commercial transactions in the EU by providing new rights to SMEs. Commissioner Tajani would like more information to be provided about these rights. The Commission points out that this directive will not compel companies to take action in the event of late payments but it will oblige legislators to set out specific deadlines for invoice payments, for example a 60-day limit planned for contracts. It will also mean that the public authorities will have to respect the terms of their contracts. Public authorities must pay for the goods and services that they procure within 30 days or, in “very exceptional circumstances”, within 60 days. The Commission explained that this information campaign and the directive adopted in February 2011 aim to play a role in preventing the number of SMEs going “bankrupt” every year in the EU. The Commission explained that scores of SMEs become insolvent every day in the EU. According to the Commission, SME insolvencies linked to late payments have led to the loss of 450,000 jobs in the EU and outstanding annual debts of €23.6 billion. In October 2011, the Italian commissioner sent a letter to member states calling on them to speed up transposition of this directive. (SP/trans.fl)