Addendum :-  EU directive 2011/7/EU

 

http://www.eubusiness.com/topics/finance/late-payment-directive/

 

Clearly States 30 day payments + min interest €40

 

Compensation
When interest for late payment does become payable in commercial transactions, the creditor is entitled to obtain a minimum fixed amount of EUR 40 . This fixed sum is payable without the necessity of a reminder and as compensation for the creditor's own recovery costs. In addition the creditor will be entitled to obtain reasonable compensation from the debtor for any recovery costs exceeding that fixed sum and incurred due to the debtor's late payment. This could include expenses incurred, inter alia, in instructing a lawyer or employing a debt collection agency.