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Uncategorized

European Cross-Border Debt Recovery: European Account Preservation Order Procedure Enters into Force

On 18 January 2017, Regulation 655/2014 of 15 May 2014 establishing a European Account Preservation Order procedure to facilitate cross-border debt recovery in civil and commercial matters (the EAPO Regulation) entered into force.

The EAPO Regulation allows a creditor, domiciled in one Member State, to request the courts of a Member State to issue a European Account Preservation Order (the EAPO). This order preserves the funds held by a debtor in a bank account located in another Member State and prevents a debtor from jeopardising the creditor’s claim by transferring or withdrawing those funds.READ MORE

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