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~~~~~~~~~~~~~~~~ 0*(*H)(HS-L9H)%?Ny@D! 4,1/&/)Y31P& &/)./)3      /X"$jDIsT4DC"$chid$`kO DC 0AA 3f33̙@\ʚ;|6?6ʚ;g4RdRdtͱx: 0p p0<4!d!d@ 0tʱ<4dddd@ 0tʱ<4BdBd@ 0tʱ g4:d:dױx: 0p]p% j0___PPT10 pp*___PPT9 z ? -O =;8!WStudy of the legislation in combating late payments FENCA 2006 AGM - 6 octobre 2006 -XX*5  Frdric LEPLAT Avocat - Matre de Confrences l Universit HOCHE - DEMOLIN, BRULARD, BARTHELEMY @f.$?$ }F The study$The Study was ordered by the European Commission (DG Entreprise and Industry) will be published in April 2007 This is not a resume of the study but only a presentation of the work that has been done6 eY eY:6    y H Methodology   Data was collected by to the following means: Research on public databases; Research in private databases; Direct contact by telephone, email and in person with information holders and use of questionnaires; Debt collection companies, banks, and lawyers, have also been directly contacted Collect information through an online survey (37,500 companies were contacted to answer the questionnaire. 1,437 answers were recorded by the statistics software). *."{rK    6" THE SITUATION PRE-DIRECTIVE  8$-Recovery of costs associated with collection  ,, Prior to the Directive the creditor had little chance of recouping costs related to recovery. Mostly, Member States offered no legal right to the costs related to recovery.  9% Procedures   iNo regulation was specifically aimed at facilitating access by foreign creditors to judicial procedures. h <'*THE INSTRUMENTS PROPOSED BY THE DIRECTIVE ++ ))  ?)HWhy does the Directive seek to impose an interest rate on late payments?II HH According to the Directive :  Late payment constitutes a breach of contract which has been made financially attractive to debtors in most Member States by low interest rates on late payments or slow procedures .  E*How does it do so?   The Directive provides that Member States must ensure that interest is paid on late payments, but also that the interest rate to be applied is both harmonized and appropriate.  G+Period for payment +Interest shall become payable from the day following the date or the end of the period for payment fixed in the contract. If the date or period for payment is not fixed in the contract, interest shall become payable automatically 30 days following the date of receipt by the debtor of the invoice ()  H,What is the expected impact?  Interest is due to a creditor who has fulfilled his or her contractual and legal obligations and has not received payment on time Interest is not due if the debtor is not responsible for the delay.  J-!The Directive and recovery costs     Unless the debtor is not responsible for the delay, the Directive also states that a creditor should be entitled to claim reasonable compensation from the debtor for all relevant recovery costs. But the expression  recovery cost is not defined in the Directive.   M.5The Directive and grossly unfair contractual clauses  44 Member States are to ensure that adequate and effective means exist to prevent the use of contract terms that may be considered grossly unfair.  O/$The Directive and retention of title $$ The Directive recognises that when a retention of title clause has been expressly agreed between the parties to a contract, the seller will retain title to the goods until payment .  P01The Directive and obtaining an enforceable title  00 The Directive requires Member States to ensure that an enforceable title can be obtained, irrespective of the amount of the debt, within 90 calendar days of the lodging of the creditor s action, provided that the claim is undisputed. The Directive is one of the first EU regulations that seek to impact judicial systems and procedures in EU Member States. b V2THE PRESENT SITUATION    W3Economic situation    Z4Altares Europe 1996 - 2006 [5*European Payment Index (Intrum Justicia) D  ^6 Information   qNumerous professional associations distribute legislative information to their members regarding late payments.  "qp _7Recommendations  Some professional organisations have adopted codes of conduct which state that payment terms which go beyond their recommendation are considered abuses  `8 Management  In the UK the Better Payment Practise Group launched a national campaign  Collect the Cash encouraging small businesses to make trade credit management and debt collection their number one priorities.  a9#Goodwill and payment practice codes # # BIn Spain a similar initiative has been promoted by the CEM which published the  Ethical Code for the Compliance of Payment Obligations in Commercial Relations .  b:/Government initiatives : the example of France . zFrench government fight against late payments by : Adoption of an industry-wide good practices charter; Examination of the legislative changes to be undertaken; Reinforcement of SME financing opportunities Helping SMEs to acquire the most up to date communication tools for administrative processes and for internal and external use Educating SMEs on client accounts management3H{\   }   c;Limits to good practices codes  In the Fedetab case (Comm. 20July. 1978, Fedetab), the European Commission condemned as anti-competitive an agreement between Belgian and Luxembourg tobacco manufacturers The agreement was aimed at reducing payment periods of 90 days to 10 days @     g< THE IMPACT OF THE DIRECTIVE    h=Interest rate     The study will answer the following questions: Is the interest on late payments provision relevant and coherent ? Is a 30 day default payment period adequate and reasonable?0(r < i>Recovery costs   4Is there a need define the types of recovery costs ?4 j?Grossly abusive clauses   |What is the evidence of the Directive s effectiveness ? Is Directive provision granting representative organizations the right to act for their members appropriate, useful and relevant ? 6%% 7 r@Retention of title   @Is retention of title appropriate in the field of late payments?@ wCRECOMMENDATIONS    sA'The fiscal treatment of late payments ? %' SIs sanctioning the debtor responsible for late payment a could be a good solution ? 6J6  zDProvide financing The creation of a fund whose role would be to provide financing at no cost to SMEs based on account receivables could solve part of the problem. .N  ? {EInterest rate for late payment  .Is the interest rate for late payment enough ?. G0Director responsibility and corporate governance0 VDoes the Commission must promote good corporate governance ? use of new technologies ? <TT ICredit management PDeveloping programs to assist SMEs in credit management and financing management.  . 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M 0 B(  X  C PP    S 0    H  0彖9g ? ̙3380___PPT10.)r Gnȭ 86m8 < DL?0`!t#D%'7)+-/d24(6V<8P:Ahd<x>O&@BDYFHJMO,Q@S{u0TUhW7yP|Y  [3]_Gaнc(lehj0lDn!XpOh+'0h `h  Situation actuelleKarine Imbrosciano 358Microsoft PowerPoint@j3@ 𥓡@MG\g  U  y--$xx--'@Times New Roman-.  2 q1."Systemp:-33-- $mm--'--%v--'@"Verdana-. fU2 .4Study of the legislation in combating late payments .-@"Verdana-. f2 9$FENCA .-@"Verdana-. f2 952006 AGM.-@"Verdana-. f 2 9P-.-@"Verdana-. f2 9T6 octobre 2006 .-@"Verdana-. f 2 9{-.-@"Verdana-. f 2 P?Fr.-@"Verdana-. f 2 PC.-@"Verdana-. f 2 PEd.-@"Verdana-. f 2 PH.-@"Verdana-. f2 PJ ric LEPLAT.-@"Verdana-. f2 U(Avocat M.-@"Verdana-. f 2 U6-.-@"Verdana-. f 2 U9Ma.-@"Verdana-. f 2 U>.-@"Verdana-. f2 U? tre de Conf.-@"Verdana-. f 2 US.-@"Verdana-. f2 UUrences M.-@"Verdana-. f 2 Ub.-@"Verdana-. f 2 Uel.-@"Verdana-. f 2 Uf.-@"Verdana-. f2 Ug Universit.-@"Verdana-. f 2 Uw.-@"Verdana-. f2 [*HOCHE .-@"Verdana-. f 2 [8-.-@"Verdana-. f12 [:DEMOLIN, BRULARD, BARTHELEMY.-՜.+,0<     Affichage l'cranGPVAj(( ,Times New RomanVerdana WingdingsModle par dfautXStudy of the legislation in combating late payments FENCA 2006 AGM - 6 octobre 2006 - The study Methodology  THE SITUATION PRE-DIRECTIVE .Recovery of costs associated with collection Procedures +THE INSTRUMENTS PROPOSED BY THE DIRECTIVE IWhy does the Directive seek to impose an interest rate on late payments?How does it do so? Period for paymentWhat is the expected impact?"The Directive and recovery costs 6The Directive and grossly unfair contractual clauses %The Directive and retention of title2The Directive and obtaining an enforceable title THE PRESENT SITUATION Economic situation Altares Europe 1996 - 2006+European Payment Index (Intrum Justicia) InformationRecommendations Management$Goodwill and payment practice codes0Government initiatives : the example of France Limits to good practices codes  THE IMPACT OF THE DIRECTIVE Interest rate Recovery costs Grossly abusive clauses Retention of title RECOMMENDATIONS (The fiscal treatment of late payments ?Provide financing Interest rate for late payment 1Director responsibility and corporate governanceCredit management Reputation #Enforcement of enforceable titles Information on the Directive #Calculating late payments interest Polices utilisesModle de conceptionTitres des diapositives(_q0    !"#$%&'(*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)PicturesPCurrent UserSummaryInformation(PowerPoint Document()rDocumentSummaryInformation8