Mediafax (Mediafax)
Czech republic  |  October 20, 2012 14:04:02

Payment behavior of companies is to improve the amendment to the Commercial Code


PRAGUE (MEDIAFAX) - Members at its October meeting to discuss an amendment to the Commercial Code, which aims to improve the payment behavior of companies. Newly specifies the maximum maturity of 60 days and the rate of interest for delay at least eight percentage points above the rate of the central bank.

The draft is to prevent common nuisance that many of the goods delivered or services are paid much later than agreed. This complicates the financial management and the effect of secondary insolvency suppliers of goods and services.

Increasing the minimum interest rate for late payments is a fundamental change. The amount of eight percentage points above the reference rate, according to experts, is a powerful tool that is used to pay on time.

The standard also gives obligation beyond the default interest to enable a creditor to recover after the debtor an amount representing the cost of recovering debts in lump sum. It also specifies the maximum duration of the acceptance of the goods or services, which should not exceed 30 days.

Jan Drahorád, drahorád@mediafax.cz

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