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Draft law for payment delays

11/03/2011 07:34
DISY MP, Kyriakos Hadjiyiannis seeks to regulate the delayed payments in commercial transactions via a draft law.

According to its accompanying report, the delayed payments in the commercial transactions create liquidity difficulties and economic cost, restrict the investment opportunities and intensify uncertainty for many businesses and creditors.

As a result, the competitiveness and the credit standing are jeopardized.

The draft law recommends measures that will discourage debtors from any delay and will give the opportunity to the creditors to exercise their rights effectively.