European Account Preservation Order (E.A.P.O.) – new procedure to facilitate cross-border debt recovery in civil and commercial matters
Starting this year, debt recovery is faster, cheaper and more efficient with this new procedure for obtaining an European Account Preservation Order (E.A.P.O.).
This procedure is an additional and optional tool that the creditor can use for debt recovery. According to this Regulation – (EU) No 655/2014 – which applies starting the 18th of January 2017, the creditor is entitled to obtain a E.A.P.O. for preventing the subsequent enforcement of the creditor’s claim from being jeopardized through the transfer or withdrawal of funds up to the amount specified in the Order which are held by the debtor or on his behalf in a bank account maintained in a Member State.
This regulation applies to pecuniary claims in civil and commercial matters in cross-border cases and it does not extend, in particular, to revenue, customs or administrative matters or to the liability of the State for acts and omissions in the exercise of State authority.
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