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Late payment implementation28th of November 2011
EU member states are to be asked to pursue early transposition into national law of the late payments directive, scheduled initially for 2013. European Commission vice-president Antonio Tajani made the announcement recently.
Delays in payments have long been an issue of concern for small and medium-sized enterprises (SMEs), especially since disruption to cash flow can mean the difference between solvency and bankruptcy. This challenge of late payments is becoming even greater in the current economic climate as payment delays grow and other sources of finance are drying up.