New regulation comes into force supporting creation of a European bank account preservation order procedure

This new regulation (n°655/2014) allows creditors to impose a preventive seizure of banking assets based in another Member State (with the exception of the United Kingdom and Denmark) in order to avoid the transfer or withdrawal of targeted funds.

To guarantee effectiveness, the regulation also introduces a mechanism for obtaining information about the debtor’s bank account.

However, because the debtor is not heard by the Court beforehand, the regulation provides for specific guarantees to prevent any improper recourse to the order and to protect the debtor’s rights.