Webinar Financiering, Zekerheden & Insolventie - The European Bank Account Preservation Order: A secret weapon for creditors?
- Target group: Lawyers and bank employees
- Level: Advanced
- Recorded in: May 2020 | watch now
- PE-credits: 1 PE-point The Netherlands Bar
- Price: € 100,- (VAT exempt)
- This webinar is part of the "Altijd scherp-abonnement" and the "CPO Webinarbundels"
- Keywords: Insolvency law, protection of creditors, cross-border freezing orders, European Account Preservation Order, EAPO
The European Bank Account Preservation Order: A secret weapon for creditors?
Dit webinar over het Europees bankbeslag is opgenomen in het Engels.
The effective protection of creditors often involves the freezing of funds held by the debtor in a bank account. Freezing orders normally entail a “surprise effect”: the debtor should not be informed in advance that a preservation procedure is being carried out. National systems typically do contain rules on this matter, but these measures usually cannot circulate across borders (unless they do no longer maintain the surprise effect). Therefore, for a long time the practical utility of cross-border freezing orders was rather limited. Since 2017, this has been partially solved with the creation of the European Account Preservation Order (EAPO). This allows creditors to find and freeze funds in other Member States ex parte: the debtor shall not be notified of the application for a preservation order or be heard prior to the issuing of the order.
In one hour, Ortolani discusses many different elements of the EAPO (Regulation 655/2014 gives the main rules and implementing regulation 2016/1823 contains the relevant forms).
First, the terms ‘bank account’ and ‘funds’ are clarified. Afterwards, the availability of the Preservation Order and the competent courts (jurisdiction) are discussed. The EAPO can only be applied for cross-border cases. However, the regulation contains an extensive definition of what is cross-border. This definition is discussed in detail and a number of cases are given to show how it can be applied in practice.
The webinar continues with the conditions for issuing a preservation order. The concept of ‘urgent risk’ is discussed, as well as the security that has to be provided by the creditor.
The EAPO allows creditors not only to freeze funds, but also to find bank accounts through a request for the obtaining of account information. When such a request is made, the Member State of enforcement has a number of options for implementations. These options and their consequences are discussed, as well as the ones choses by the Netherlands.
Then, Ortolani continues with a number of details regarding the EAPO. He discusses the liability of the creditor, the conditions under which a creditor can apply simultaneously for EAPO and national measures, the implementation of the Preservation Order and the remedies of the debtor against a Preservation Order.
- CJEU 21 May 1980, ECLI:EU:C:1980:130, (Bernard Denilauler v. SNC Couchet Frères)
- Redeker-Gieteling, ‘Het Europees bevel tot conservatoir beslag op bankrekeningen’, TvI 2016/21
- G. van der Plas & D. Beunk, ‘Het Europees bankbeslag in de Nederlandse Praktijk’, FIP 2018/6
C. Santalo Goris, ‘The Implementation at the National Level of the Bank Account Information Mechanism under the EAPO Regulation: A Comparative Analysis’, Cuadernos Derecho Transnacional 2020/12, p. 386-412
Themes that will be dealt with
- The European Account Preservation Order
- Freezing of funds
- Preservation procedures
Dr. Pietro Ortolani, assistant professor subject section Civil Law at Radboud University
The CPO is a certified training institute. Our courses are recognized by the Dutch Bar Association.
Why this course is a top choice
- Enhance your knowledge whenever and wherever suits you best
- Apply what you learn directly in your own field
Do you have questions?
T: (024) 361 24 09