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June 3rd, 2014
Starting from June 5th, 2014 all invoices released to business and/or public entities if are not paid within 30 days from their receipt or the supply of goods or services shall constitute an executive title and will be executed from the bailiff officer.
The Law no. 48/2014, “On late payments in commercial contractual obligations”, entering in force on June 5th, 2014 will constitute the special legal basis requested from the Albanian Civil Procedure Code Art. 510, Paragraph 1, Subparagraph “e” for treating all invoiced released to business and/or public entities as an executive title while the bailiff officer can proceed with their execution.
Based on such law the payment of the invoices should be made within 30 calendar days after the receipt from the debtor of the respective invoice or the supply of goods or services, and as a general rule not later than 60 calendar days.
In case of delayed payments of invoiced released to business and/or public entities the law introduces also late payment penalties that will be eight points above the Central Bank’s reference.
The law no. 48/2014, “On late payments in commercial contractual obligations”, is partially approximated with the Directive 2011/7/EU Of the European Parliament and of the Council dated February 16th, 2011, “On combating late payment in commercial transactions”.
For further information please contact:
CLO Legal Solutions
Bajram Curri” Blv.
"Golden Palma" Buil.,
5th Floor,
Tirana, Albania,
Attn.: Mr. Bledar Cenameri
Telephone +355 42 22 0022
Email: bcenameri@cenameri.com
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