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Sejm passes late payment law


2013-02-11



The Sejm on 8 February passed legislation designed to address the growing problem of payment bottlenecks in the economy. The new law sets a default credit period of 60 days for the payment of invoices between companies, unless otherwise specified by the parties and provided that the agreed time is not grossly unfavourable to the creditor. For invoices between companies and public authorities the default credit period has been set at 30 days (with some exceptions).

The creditor will be entitled to claim penal interest on payments made after the maximum payment date. Furthermore, they will be entitled to compensation from the debtor for recovery costs, in the amount of the zloty equivalent of €40, calculable from the day the penal interest becomes applicable.

The new regulations, which transpose Directive 2011/7/EU of the European Parliament and of the Council of 16 February 2011 on combating late payment in commercial transactions, will apply also to entrepreneurs from other EU Member States as well as from EFTA countries.

The bill now goes before the Senate.



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