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The late payment under the EU legislation

Author

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  • Charlotte Ene

    (Bucharest University of Economic Studies, Law Department)

Abstract

According to Article 14 EC, the European Union shall guarantee the free movement of goods and services. In this regard, it is necessary that the entrepreneurs should be able to do their business throughout the internal market and to recover their receivables in due time. Therefore, that late payment represents an obstacle to the proper functioning of the internal market. The Directive on combating late payment in commercial transactions, Directive 2000/35/EC is placed in the context of maintaining and developing an area of freedom, security and justice. This Directive governs all commercial transactions irrespective of whether they are carried out between private or public entrepreneurs or between entrepreneurs and public authorities, having regard to the fact that the latter handle a considerable volume of payments to business. It should therefore also regulate all commercial transactions between main contractors and their suppliers and subcontractors. This paper explores the legal framework on late payment of trade credit from the European legislation perspective.

Suggested Citation

  • Charlotte Ene, 2015. "The late payment under the EU legislation," Juridical Tribune - Review of Comparative and International Law, Bucharest Academy of Economic Studies, vol. 5(2), pages 291-300, December.
    • Handle: RePEc:asr:journl:v:5:y:2015:i:2:p:291-300
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    More about this item

    Keywords

    late payment; retention of title clauses; overdue debts; commercial transactions; enforceable title.;
    All these keywords.

    JEL classification:

    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law

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