Legal Notice 13 of 2014 entitled “Commercial Code (Amendment) Order, 2014” replaced Sub Title IA of the Commercial Code (Chapter 13 of the Laws of Malta) in its entirety.
The Sub Title deals with Late Payments in Commercial Transactions and implements the provisions of Directive 2011/7/EU of the European Parliament and of the Council of 16 February 2011 on combating late payment in commercial transactions. The aim of the Directive is that of encouraging enterprises and public authorities to comply with payment deadlines in commercial transactions in order to ensure the smooth functioning of the single market. The focus of the rules is the establishment of rates of interest payable in case of late payments in certain defined commercial transactions and to fix the time from when the interest starts to run.
The provisions can be a useful tool to creditors seeking to claim payment of sums which are overdue in certain commercial transactions.
To read more on this topic, go to Late Payments in Commercial Transactions.
Disclaimer: This article is not intended to impart advice and readers are asked to seek verification of statements made before acting on them