Litigation & Arbitration Commentary 1-2014
Regulation (EU) no. 655/2014 of the European Parliament and of the Council of 15 may 2014 establishing a european account preservation order procedure to facilitate cross-border debt recovery in civil and commercial matters
Regulation (EU) No. 655/2014 of the European Parliament and of the Council of 15 May 2014 establishing a European Account Preservation Order procedure to facilitate cross-border debt recovery in civil and commercial matters (the “Regulation”) was published in the Official Journal of the European Union on June 27, 2014.
The Regulation lays down a new EU procedure that will enable assets held in bank accounts to be preserved effectively and quickly in cross-border cases (as defined in the Regulation) in civil and commercial matters (except for those excluded from its scope of application), while granting creditors the possibility of obtaining a protective measure in the form of a European account preservation order preventing the transfer or withdrawal of funds if there is a risk that, without that measure, the subsequent enforcement of the claim will be impeded.
This is an additional and optional procedure for the creditor, who remains free to make use of any other procedure for obtaining an equivalent measure under national law.
The Regulation is structured into the following six chapters: (1) Subject matter and scope; (2) Procedure for obtaining a preservation order; (3) Recognition, enforceability and enforcement of the preservation order; (4) Remedies; (5) General provisions, and (6) Final provisions (entry into force).
Below is a summary of the key features of each chapter of the Regulation.
1. Subject matter and scope
2. Procedure for obtaining a preservation order
- 2.1 When the application may be lodged
- 2.2 Jurisdiction
- 2.3 Conditions
- 2.4 Procedure for obtaining a preservation order
3. Recognition, enforceability and enforcement of the preservation order
4. Service on the debtor and remedies
5. General provisions
6. Entry into force