armstrongeconomics.com / by Martin Armstrong / Feb 16, 2017
On January 18, 2017, new rules governing the seizure of bank accounts in the European Union went into effect (The EU Regulation No 655/2014 of May 15, 2014). This regulation sought to circumvent the independent legal rights of people, denying them the right to be heard in a court of law in their own country. This has created a European Account Preservation Order (EAPO) which is to facilitate cross-border debt recovery in civil and commercial matters. The European Commission described the EAPO as a “simple and cost-effective way to block funds that are owed” by a creditor in another member state. What this really means is that a CREDITOR no longer needs to run to an Italian court to sue an Italian debtor. In other words, this order dismembers the sovereignty of the member states legal courts.
Until now, a creditor who is owed money by a debtor in another EU country had to apply to a court in the debtor’s state of residence in accordance with the domestic law of that member state if he wanted to freeze the debtor’s bank accounts. In the Commission’s opinion, this was often too time-consuming and too expensive. In the United States, you still must go after a debtor in their home state and apply by the local laws.
The new European procedure was designed to be quicker, cheaper, and more efficient for creditors, but it then would demand that someone in Italy would have to hire a lawyer in Germany to defend them there. The costs are being shifted to the debtor rather than the creditor under this EAPO.
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