The National Assembly has passed at first reading amendments to the Commerce Act. The changes aim to counter delayed payments between firms and between firms and the state bodies. The amendments fix the term of payments to 30 days after the reception of the invoice. In case of delayed payments, the creditor, who has fulfilled his contractual obligations, is entitled to compensation at the amount of the statutory interest on the due payment and collection expenses at the amount of 80 levs.
Deputies adopted at first reading two more drafts for amendments to the Commerce Act – the one proposed by the GERB parliamentary group and the draft of the Coalition for Bulgaria. The amendments suggested by the two drafts envisage better regulation of the proceedings related to insolvency.