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Legal Update

European Account Preservation Orders: potential costs for banks

3 March 2017
Mayer Brown Legal Update
On 18 January 2017 EU Regulation 655/2014 establishing a European Account Preservation Order procedure became directly applicable in all EU member states, except the UK and Denmark which opted out of the Regulation.

The Regulation makes it easier for creditors to recover cross-border debt in the EU as the new procedure allows for a single order to be made in the courts of one EU member state which would be capable of "freezing" any bank account of a debtor in another EU member state.

UK and Danish entities and banks are affected to the extent that they hold accounts or operate branches or subsidiaries elsewhere in the EU subject to the Regulation.

Authors

  • Ian McDonald
    T +44 20 3130 3856
  • Guy Wilkes
    Partner
    T +44 20 3130 3355
  • Catherina Yurchyshyn
    T +44 20 3130 3962
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