New EU Regulation establishing European Account Preservation Order procedure

The provisions of the EU Regulation establishing the new European Account Preservation Orders (Regulation No. 655/2014) came into force on 18 January 2017.

Under the new rules, creditors domiciled in participating EU Member States are able to apply to freeze funds in a debtor's bank account in any other participating Member State using a single application form. The regulation EAPO establishes a new uniform European procedure for the preserving of bank accounts, which allow creditors to preserve the amount owed in a debtor's bank account located in the EU.

An important element of the Regulation which will make it easier for creditors to recover their claims is an access to information about bank accounts. If the creditor does not know with which bank the debtor holds an account in a certain Member State, he may use a special procedure for obtaining information about the account of the debtor.

Source:http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L:2014:189:FULL&from=EN