Directive 2011/7/EU or Combating Late Payment In Commercial Transactions

Directive 2011/7/EU of the European Parliament and of the Council

of 16 February 2011

on combating late payment in commercial transactions

(recast)

(Text with EEA relevance)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,

Having [...]

Statutory Interest Rates Overdue Payments – Bulgaria.

Of course and in Bulgaria on overdue payments may be charged interest rate. How can we determine these rates? Is there a formula?

Statutory interest is due when the debtor is in default. Bulgarian law determines when the debtor has fallen into default. It is different for the various types of commitments.

When the day [...]