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European Account Preservation Orders: are you ready?
Practical Law UK Articles w-004-8553 (Approx. 5 pages)
European Account Preservation Orders: are you ready?
by Sarah Garvey and Christabel Constance, Allen & Overy LLP
| Published on 06 Dec 2016 • European Union |
An introduction to the effect of Regulation (EU) 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, which comes into force on 18 January 2017, and enables the grant of a European Account Preservation Orders (EAPO) to freeze funds in bank accounts.
Note that the UK government never opted into the EAPO Regulation, so UK-domiciled creditors have never been able to apply for EAPOs, UK courts have never been able to grant EAPOs and EAPOs have never been available against UK bank accounts.
For an overview of the key legal issues affecting civil justice and judicial co-operation arising from the UK's exit from the EU, see Practice note, Brexit: implications for civil justice and judicial co-operation.