Czech companies’ payment record deteriorates

24-08-2010

Czech companies are becoming even worse at paying their bills on time due to the economic crisis, according to a survey of more than 22,000 firms. The survey by the company ČSOB Factoring shows that firms on average pay bills 19 days after the due date. That means that the average time for payment to be made after the bill is sent has risen to 72 days from 59 days in 2008. The economic crisis is put down to the continuing caution caused by the economic crisis. In some sectors, however, the payments record is much better than average. This is for example the case of the auto sector where bills are on average paid within 40 days.