Pre-Judgment Attachment Of Bank Accounts Across Europe Soon Cheaper And More Efficient

A recently adopted European regulation, applicable as of 18 January 2017, sets out a procedure that facilitates cross-border debt recovery in civil and commercial matters within the EU. The procedure will make the recovery of debts easier and cheaper. In cross-border cases within the EU, the new rules will enable creditors to obtain a 'European Account Preservation Order' – given by one single judge in one member state – and attach debtors' bank accounts in other EU member states without any further court proceedings. The preservation order will apply directly and be subject to uniform conditions. European cross-border pre-judgment attachment will prevent assets from disappearing before a court ruling has been enforced and promotes the more effective enforcement within the EU of court rulings affecting debtors' bank accounts and other assets. This new preservation measure will provide more confidence to creditors seeking to recover their claims and will strengthen trust