- European Account Preservation Order Regulation Comes Into Force
- January 26, 2017 | Author: Yiota Costa
- Law Firm: Soteris Flourentzos & Associates LLC - Limassol Office
The Regulation does not substitute local available remedies but it is considered to be an alternative to them. Creditors in one Member State can freeze a debtor’s assets located in bank accounts in another Member State without the need to obtain a court order within the later Member State.
The EAPO is available even prior to commencing the main proceedings against the debtor (as well as during the main proceedings and post-judgment).