5% of survey complete.

Technopolis, VVA and EY have been asked by the European Commission to assess the effects of Directive 2011/7/EU (the 'late payment directive') on businesses, employment and growth.

Belgium transposed the Directive by the law of 22th November 2013, and published in the Belgian State Journal on 10th December 2013. 

The main provisions of the law are that: 

1. Public authorities must pay for goods and services that they procure within 30 days or, in very exceptional circumstances, within 60 days. 
2. Businesses have to pay their invoices within 60 days, unless they expressly agree otherwise and provided it is not grossly unfair to the creditor. 
3. Businesses are entitled to automatically claim interest for late payment as well as a fixed sum as compensation for recovery costs.

This survey provides vital data on the impact of late payments on businesses. It takes approximately 10-15 minutes to fill in and all responses will be anonymised and used only in the context of this study.

Your input will contribute to finding effective solutions to help combat late payment in commercial transactions.