The European Bank Account Preservation Order: A secret weapon for creditors?
The effective protection of creditors often involves the freezing of funds, held by the debtor in a bank account. Freezing orders normally entail a “surprise effect”: the debtor should not be informed in advance that a preservation procedure is being carried out.
But what happens, if the debtor’s bank account is located in another EU Member State?
For a long time, it has been impossible to maintain this surprise effect; as a result, the practical utility of cross-border freezing orders was rather limited. Since 2017, however, the EU lawmaker has filled the gap, with the European Account Preservation Order (EAPO). The EAPO allows creditors to find and freeze funds in other Member States, without informing the debtor.
To date, the instrument is not sufficiently known, and its potential is largely overlooked.
This 1 hour webinar will offer an overview of the EAPO, and give practical examples of when and how the instrument can be used, in the practice of civil and commercial law.
This webinar is recorded in English