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Combating Late Payments in Commercial Transactions - The Case of Croatia

This article conducts a juridical and economic analysis of Croatian legislation on combating late payments in commercial transactions with regard to the European Commission’s Directive 2011/7/EU on late payment in commercial transactions. The lack of financial discipline in payments in commercial transactions between businesses and persons of public law is a perennial problem of Croatian but also of the European economy. Late payments cause insolvency and complicate financial management of undertakings, which greatly reduces their competitiveness and profitability in the market, and the risk of these adverse effects was significantly higher in periods of economic decline. The first step in combating late payments in commercial contracts in the Croatian legal system has been the introduction of legal provisions relating to the above problem in Article 174. in the Croatian Obligatory Relations Act in 2005, with the aim of harmonizing Croatian legislation with the legal system of the European Union - in particular with the European Commission’s Directive 2000/35/EC on Combating Late Payments in Commercial Transactions of the European Parliament and the Council of the European Union. For the sake of further harmonization of legal system with acquis communautaire and subsequent to the European Commission’s publication of a new Directive on combating late payments in commercial transactions 2011/7/EU, the Croatian legislator passed the Act on Financial Transactions and Pre- Bankruptcy Accommodations, which has been in effect since October 1, 2012. The act stipulates entrepreneurial financial business transactions, pecuniary obligation execution deadlines and legal consequences of a belated pecuniary obligation execution and a pre- bankruptcy accommodation procedure

commercial transactions, payments, national legislation, European Union

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