Creditors will be able to request from courts to issue a European Account Preservation Order for bank accounts of debtors, read a project for the amendment of the Civil Procedure Code, which the government will submit to Parliament.

The purpose of the amendments is to assist the implementation at a national level of Regulation (EU) №655/2014, which is directly applicable in all member-states of the EU as of January 18, 2017.

The regulation establishes a European procedure for cross-border cases which provides the opportunity for efficient and quick freezing of funds in bank accounts.

A cross-border case exists when the creditor resides in one member-state, while the court and the bank account due to be preserved are in another member-state, or when the court reviewing the application for account preservation is in one member-state but the bank account due to be frozen is in another.

The declaration on preservation of accounts of the creditor is issued by the bank to which the European Account Preservation Order is addressed.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!