European Commission Proposes One-Stop Method of Preserving Funds
Author: Martin Cubasch.; Elena Zafirova.; Lyubomir Georgiev.
Source: Volume 25, Number 02, November/December 2011 , pp.61-63(3)
< previous article |next article > |return to table of contents
Abstract:
A new draft European Commission published regulation, COM(2011) 445, proposes to create a European Account Preservation Order to facilitate cross-border debt recovery in civil and commercial matters. The measure is intended to improve the relatively low rate of cross-border debt recovery in the European Union (E.U.), and to give creditors more confidence in their ability to access debtors’ funds held in other E.U. Member States. If implemented, the proposal may ultimately require U.S. banks’ affiliates or subsidiaries in the E.U. to process costly orders from member states.Keywords: COM(2011) 445; account preservation orders; EAPOs;
Affiliations:
1: Baker & McKenzie LLP; 2: Baker & McKenzie LLP; 3: Baker & McKenzie LLP.