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European Account Preservation Order
Bulgarian courts will freeze bank accounts of debtors and abroad
Lenders will be able to require the freezing of assets of debtors and abroad,This was made possible by amendments to the Civil Code. The amendments to Bulgaria accepted procedure called.European order for attachment of bank accounts.It’s about an EU legal instrument whose purpose is to facilitate cross-border debt recovery in civil and commercial matters.
Cross-border debt recovery in BULGARIA
The regulation, which establishes the procedure began to apply from January 18, 2017.Cross-border work is in two hypotheses.European Account Preservation Order (EAPO-regulation)
- The first is where the creditor lives in the country – an EU member and the court imposing garnishment, bank account and subject to freezing, located in another Member State.
- The second court in one country and bank account – in another.
The authority entitled to issue a European arrest is the first instance court if the request for a lien to be done before examining the merits of the case.There is however an opportunity for the applicant to request an order at any stage of the case by the court sees it.If this happens in those proceedings, the order is issued by the appellate court.
Obtaining EAPO is available as an option in all phases of the litigation process – where the creditor would be interested to secure prospective proceedings, as well during a pending lawsuit, and also in cases where court decision (or similar) has already been obtained and the judgment creditor needs to secure its enforcement.
If the court refuses to issue an order, the creditor may appeal an interlocutory appeal.If the failure is ordained of appellate jurisdiction, the appeal before the Supreme Court.
Cross-border work is in two hypotheses.The first is where the creditor lives in the country – an EU member and the court imposing garnishment, bank account and subject to freezing, located in another Member State.
And in the second court in one country and bank account – in another.The authority entitled to issue a European arrest is the first instance court if the request for a lien to be done before examining the merits of the case.
There is an opportunity for the applicant to request an order at any stage of the case by the court sees it.If this happens in those proceedings, the order is issued by the appellate court.If the court refuses to issue an order, the creditor may appeal an interlocutory appeal.If the failure is ordained of appellate jurisdiction, the appeal before the Supreme Court.
We would like to pay attention to the factthis Regulation won’t apply in the United Kingdom and Denmark so freezing bank accounts of debtors held in these two countries won’t be possible under the above procedure.
The debtor will be able to seek annulment of the order in the same order.The European accounts Preservation Order will be a good option for the local creditors, whose debtors reside on the territory of the European Union.
Contact us for more information.