Legal Updates

Law Firm Juhaniaková & Partners

We offer information about the latest changes of valid legislation of the SR and the EU which may also affect your business. Should you be interested in receiving regular updates of valid legislation from us, please, contact us at office@legaladvisory.sk.

View all legal updates

Legal News and Articles

All Articles

New Statutory Default Interest Rate in Contractual Relationships of Commercial Law

A new statutory default interest rate has been introduced for contractual relationships of commercial law.

If a debtor is in default in fulfillment of his monetary obligation or a part thereof, the creditor who has fulfilled his statutory and contractual obligations has the right to request a default interest in respect of the unpaid sum in the amount agreed in the contract and without a need for a special notification. In case the amount of the default interest has not been agreed, the debtor is obliged to pay a default interest at a rate which equals to the basic interest rate of the European Central Bank valid on the first day of the default in fulfillment of the monetary obligation increased by nine percentage points.

Instead of the default interest determined in the above way, the creditor can request a default interest at a rate which equals to the basic interest rate of the European Central Bank valid on the first day of the relevant calendar half year of the default increased by eight percentage points.

In case of the debtor`s default the creditor has, in addition to his entitlement to the default interest, the right to a fixed reimbursement of costs related to assertion of his claim amounting to a one-off payment of EUR 40 irrespective of the length of the default, without a need for special notification.