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Communication from the Commission to the European Parliament pursuant to the second subparagraph of article 251 (2) of the EC-Treaty concerning the common position of the Council on the proposal for a European Parliament and Council directive combating late payment in commercial transactions. SEC (99) 1398 final, 10 September 1999

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Disciplines
  • Economics
  • Law

Abstract

COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 10.09.1999 SEC(1999) 1398 final 98/0099 (COD) COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT pursuant,to the second subparagraph of Article 251 (2) of the EC-Treaty concerning the Common position of the Council on the proposal for a European Parliament and Council Directive combating late payment in commercial transactions User Rectangle \ I' COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT pursuant to the second subparagraph of Article 251 (2) of the EC-Treaty concerning the Common position of the Council on the proposal for a European Parliament and Council Directive combating late payment in commercial transactions (Text with EEA relevance) l. THE BACKGROUND Date of transmission of the proposal to the European Parliament and Council: 23 April 1998 Date of the opinion of the Economic and Social Committee: 10 September 1998 Date of European Parliament opinion, first reading: 17 September 1998 Date of transmission of the amended proposal: 30 October 1998 Date of adoption of the common position: 29 July 1999 2. SUBJECT OF THE COMMISSION PROPOSAL: The Commission proposed this Directive after it had found1 that most of the Member States had failed to follow its Recommendation of 19952 Thus, there had not been any reduction of payment delays nor any improvement of the legal position of creditors vis-a-vis their debtors. It was therefore necessary to propose a Directive in order to achieve a substantial and lasting improvement in the situation. The European Parliament supported this proposal and reinforced a number of its ~rovisions. This was reflected in the Commission's amended proposal of October 1998 . The economic rationale behind the Commission's proposal lies in the fact that one out of four insolvencies is due to late payment. This leads to the loss of 450,000 jobs per year thus adding to the existing high level of unemployment. In additi

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