28 Oct Pan European debt recovery: a step closer to efficiency?
The EAPO Regulation establishes a new procedure for the preservation of bank accounts, which will enable a creditor to prevent the transfer or withdrawal of his or her debtor’s assets in any bank account located in the EU. It entered into force on 17 July 2014, although most of its provisions will not apply until 18 January 2017.
It will be directly applicable in all EU member states except the UK and Denmark, both of which have opted out.
The Implementing Regulation establishes the forms referred to in Regulation (EU) No 655/2014 of the European Parliament and of the Council establishing a European Account Preservation Order procedure to facilitate cross-border debt recovery in civil and commercial matters (EAPO Regulation).