Legislation against debtors in Spain
Thursday, July 29, 2010 @ 7:04 PM
Since 7th July 2010 is applicable the Law 15/2010. This law modifies the Law 3/2004, which established some measures to try to avoid the increasing number of debtors in arrears in trading.
The Law 3/2004 has not had any success at all due to several circumstances and because of that has been modified to try to obtain better results. The most important innovation introduced by Law 15/2010 is referred to the PERIODS OF PAYMENT between companies and between companies and the Administration (National Administration, Regional Administration and Local Administration).
Regarding payments between companies, the Law 15/2010 establishesa maximum period of 60 days to pay the invoices of the purveyors. This period starts from the day of receipt of the goods or from the day the services are rendered. In order to avoid that a big company takes advantage of a small one, this maximum period of payment cannot be extended by agreement of the parties. All the clauses in a contract establishing a longer period of payment are null and void.
This maximum period of payment will come into effect from 1st January 2013. Since then we have this transitional period:
- From 07/07/2010 until 31/12/2011 the maximum period of payment is 85 days.
- From 01/01/2012 until 31/12/2012 the maximum period of payment is 75 days.
Important: for perishable goods (for example food), from 7th July 2010 it is established a maximum period of payment of 30 days, since the goods are delivered.
Purveyors must send the invoice or equivalent document to the clients in 30 days following the receipt of the goods or the provision of the services.
Serveco Asesores
Salvador Manzano Valverde