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New rules against late payments
The Official Gazette published Law 15/2010, which is to establish new measures to combat late payment in commercial transactions, this legislation, which entered into force on July 7, provides for the opening of a line direct and preferential credit to local entities facilitate the payment of its debts to self-employed and businesses.
The fourth additional provision of this legislation provides for the "New line of credit-default ICO Local Authorities" and notes that, within 30 days, the Government will implement a line of credit on preferential terms, and through the Official Credit Institute ( ICO), addressed to local entities to enable the payment of debts "firm and unpaid and independent companies" contracted prior to April 30, 2010.
The FEMP Executive Committee had demanded the urgent implementation of this new line of credit in the course of their last meeting on 29 June.
The text adds that the credit line "will be canceled and meet (....) In an agreed deadline after the entry into force of the future financing reform of Local Authorities and will be instrumented independently from resources linked to the PIE and obligations accorded to private sector suppliers. "
In other articles of this new Act provides for the establishment of a Register of Local Entities bills and the quarterly reports on compliance with the deadlines for payment of obligations.
