Spain: new measures to combat late payments in commercial transactions

06.10.2011 - IBA International Sales newsletter – Iván Mateo

On of 5 July Act no 15/2010 of 5 July on measures to combat late payments in commercial transactions (Ley de Morosidad), which amends Act no 3/2004 of 29 December came into force. This Act incorporates Directive 2000/35/EC of the European Parliament and of the Council of 29 June 2000 into Spanish national law.

The pronounced financial crisis in which the global economy has been undeniably submerged for the past few years has had a special transcendence for Spanish companies and Spanish society in general.