Posted in Miscellaneous

Debt recovery made faster, cheaper and more efficient? EAPOs and their implementation in Austria

Debt recovery has just gotten easier across Europe.

Regulation 655/2014 kicked off on 18/1/2017 and will alleviate much of the burden previously lying on small and medium enterprise trying to recover credits across Europe. A new European Account Preservation Order (EAPO) will allow freezing assets of debtors in banks within the European perimeter (except UK and Denmark).

A standard form will keep legal and translation costs down and the procedure must be triggered within 10 days of the non-feasance (with supporting evidence), without the debtor being notified. Last but not least, a creditor may demand the court of its member state to issue an order to the banks of a given state to find whether the debtor has any bank assets in the given state.

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Junior Legal Counsel with a remarkable lust for legal and business knowledge

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