Changes to Belgian law on late payment in commercial transactions to enhance protection of creditors

The Belgian parliament adopted the draft law of 17 July 2013 amending the law of 2 August 2002 on combating late payment in commercial transactions (Late Payment Law), implementing Directive 2011/7/EU of 16 February 2011 on combating late payment in commercial transactions.

The Late Payment Law (i) maintains the statutory payment period of 30 days, (ii) imposes a maximum payment period of 60 days, (iii) increases the statutory interest and (iv) fixes a minimum amount for compensation of reasonable costs.

Most provisions will retroactively enter into force on 16 March 2013…

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