article appeared on elEconomista.es the 07/07/2010
becomes effective today, Wednesday Delinquency Act, which sets maximum terms of 60 days for payments companies to their suppliers and 30 days for public administrations, with a period of adaptation in both cases that will last until 2013. The rule, published today in the Official State Bulletin (BOE) requires the Government to articulate through the Official Credit Institute (ICO) direct credit line aimed at municipalities with so they can pay their debts to companies and freelancers.
also eliminates the possibility that companies negotiate payment terms longer than those fixed by law. The transitional period to reduce their government extends term limit until 2013, with a scale of 50 days for this year, 50 in 2011, 45 in 2012 and 30 days since January 1, 2013
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