Debt recovery made easier in EU cross-border cases
A new EU law that sets out to improve the efficiency of freezing assets in bank accounts came into application from 18 January 2017. A standardised procedure is now available to creditors across the EU that allows them to get their debtors’ bank accounts frozen to secure the payment of their claim, even if a court has not yet ruled on the substance of the dispute. It is also available for use by the creditor to enforce an obligation expressed in an authentic instrument or contained in a court settlement. The new EU law is known as the Regulation on the European Account Preservation Orders.