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…
If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.
News from The Lawyer
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.