Rules of financial debt settlement will be amended from July

June 10, 2013

If the parties fail to set out an exact payment deadline, a financial debt must be paid basically in 30 days from the receipt date of the respective invoice or the payment notice, the rules concerning the extent of commercial interest payable in contractual relations between business associations will be also amended and the lump-sum enforcement penalty will be introduced as a new legal concept operating as a statutory penalty. The changes will be introduced upon the recent modifications of the current Civil Code being in effect until March 15, 2014.

The summary of dr. Éva Fülöp Éva you can read here.