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Thursday, March 28, 2024

Commission Commerce: Dangerous late payments of large companies to partners and suppliers

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The phenomenon of late payments of large companies to their partners and suppliers was discussed on Tuesday by the parliamentary Trade Committee.

The members of the Commission noted that the legislation is not being implemented, and that there is a need for it to be strengthened by the executive in order to have more effective controls.

The President of the Commission, Kyriakos Hatzigiannis spoke about “a very dangerous phenomenon, a very dangerous and wrong practice”, which, as he stressed, “if it continues, the phenomenon of 2011 – 2012 will be repeated”.

As Mr. Hatzigiannis said, “the existing legislation, which exists and provides the framework within which the payments should be completed, must definitely be properly and effectively supervised by the state.” p>

According to Kyriakos Hatzigiannis, “essentially while there is legislation, there is no oversight mechanism”, to note that there is a need for the executive to strengthen it, so that there are more effective controls and prevent the emergence and creation of a market bubble, as has happened in the past.

He also said that “while many of the actors have said that the problem is not that big, I want to say that the complaints, our remarks, the reports that come to us, clearly state that in some areas things are very tragic.” , to add that where and when there is a problem in the operation or in the sales, there the payment starts to become very problematic.

Mr. Hatzigiannis pointed out that it is necessary to strengthen the role and operation of the existing services, saying that if possible, the Consumer Service could be strengthened with the obligation to make comments.

“A state service, which is essentially responsible for the collection of money, can not, when and if it notes that there is a violation of other legislation, not be able to intervene. “Today in the law, yes, unfortunately there is this gap,” he said.

in the collection, as provided in the contracts. There may be a long delay in payments for a period of up to six months.

“This,” he said, “results in the strangulation of creditors, mainly small turnover “.

He added that some borrowers to reduce the credit period require an extra discount. Finally, that “all responsibility for enforcing the law and combating usury and it is brought by the government “.

Source: KYPE

Source: politis.com.cy

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