UNION REGULATIONS REGARDING THE PRECAUTIONARY ORDINANCE OF FREEZING BANK ACCOUNTS IN ORDER TO RECOVER CROSS BORDER DEBTS IN CIVLL AND COMMERCIAL MATTERS
UNION REGULATIONS REGARDING THE PRECAUTIONARY ORDINANCE OF FREEZING BANK ACCOUNTS IN ORDER TO RECOVER CROSS BORDER DEBTS IN CIVLL AND COMMERCIAL MATTERS

Summary/Abstract: The issue regarding the need to set up a unitary union procedure of freezing bank accounts was discussed by the European Commission for the first time on 24 October 2006, by the”Green card on the increase of the efficiency of the enforcement the judgments in the European Union: attachment of bank account”. Actually, the Commission considered as advisable the adoption of a legal instrument of the European Union, binding and directly applicable at the level of law systems of all Member States, that should establish a procedure allowing the efficient and rapid freezing of the funds existing in the bank accounts, in the crossborder cases, in order to prevent the disappearance of the assets before the execution of a debt. In such context, we present and analyse the provisions of the (EU) Regulation no. 655/2014 to establish a procedure for the European precautionary ordinance of freezing bank accounts in order to facilitate the cross border recovery of debts in civil and commercial matters.

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