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EU Regulation no. 655/2014 entered into force on 18 January 2017: a new tool for the protection of credits in cross-border transactions

CMS Newsletter Italia | 24 January 2017

24/01/2017

A new tool for the protection of creditors inside the EU finally came into force on 18 January2017 – EU Regulation no. 655/2014, dated 15 May 2014 – which enables creditors to obtain a European Account Preservation Order (EAPO) in order to seize deposits in a debtor’s bank account held in a different Member State. 

Such procedure is aimed at protecting credit in cross-border transactions. Credit deriving from matrimonial relationships, wills, succession and vis a vis insolvent companies are excluded, as well as credit disputed in arbitration.

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CMS Newsletter Italia | 24 January 2017
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Authors

Picture of Laura Opilio
Laura Opilio
Partner
Rome
Martina Manganelli