Regulation (EU) 655/2014 of 15 May 2014
establishing a European Account Preservation Order procedure
("Regulation") became applicable on 18
January 2017. As of that date, creditors have a new instrument at
their disposal to obtain cross-border collection of their pecuniary
claims.
The procedure established by the Regulation is an additional and
optional means for the creditor who remains free to make use of
national measures, such as the attachment procedure under
Luxembourg law. The European Account Preservation Order
("EAPO") can be an effective instrument
as it allows creditors to freeze funds held in bank accounts that
are located in several Member States by submitting a single
application based on a standard form. Creditors may apply for an
EAPO (i) prior to initiating proceedings on the substance of the
matter, (ii) at any stage of such proceedings, and (iii) after
having obtained a judgment.
