Today, new rules on the European Account Preservation Order (the EAPO) enter into force in the European Union.  The rules were proposed by the Commission in 2011 (IP/11/923) and adopted by the Member States' Ministers in 2014 (MEMO/14/342).

"This is good news for creditors. Around one million SMEs in the EU still face problems recovering the money they are owed from debtors.  This means up to €600 million is lost every year. Thanks to the EAPO, businesses and citizens will be able to recover millions in cross-border debts by requesting that the amount owed to them be blocked on the debtor's bank accounts" Vĕra Jourová, EU Commissioner for Justice, Consumers and Gender Equality, said. "The EAPO will prevent debtors with bank accounts in other Member States from transferring or withdrawing their assets to escape reimbursement".

This new procedure will be quicker, cheaper and more efficient for creditors. Courts will have 10 days maximum to issue an EAPO and debtors will not be informed in advance of the preservation order, hence guaranteeing that their assets         are not moved around or squandered and remain available for reimbursement. The EAPO issued in one Member State will be recognised in all other Member States, hence keeping legal costs low.  Finally standard forms will be available, cutting translation costs down.

Factsheet: European Account Preservation Order