THE EUROPEAN ORDER FOR PAYMENT – AN EFFECTIVE MECHANISM FOR RECOVERING CROSS-BORDER CLAIMS
THE EUROPEAN ORDER FOR PAYMENT – AN EFFECTIVE MECHANISM FOR RECOVERING CROSS-BORDER CLAIMS

Summary/Abstract: The rapid and efficient recovery of certain liquid and due claims is a goal assumed by the Member States of the European Union, having a special importance for economic operators in the European Union, as late payments are a major cause of insolvency, which increasingly threatens small and middle sized enterprises. Thus, the European Parliament adopted Regulation (EC) no. 1896/2006 establishing a procedure for issuing a joint European order for payment, as well as Regulation (EC) no. 861/2007 establishing a common European debt procedure, the purpose of which is to simplify, speed up and reduce the costs of settling cross-border disputes concerning uncontested pecuniary claims by issuing a European order for payment and ensuring the free movement of European order for payments, legal transactions and documents in all Member States by setting minimum standards the observance of which makes any intermediate procedure in the Member State of enforcement unnecessary before recognition and enforcement.

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