Debt recovery made faster, cheaper and more efficient? eapos and their implementation in Austria

Banking & Finance

Stephan Schmalzl, ILO-Newsletter dd. February 24, 2017


On January 18 2017, EU Regulation 655/2014 establishing a new European Account Preservation Order (EAPO) procedure came into force. In addition to recovery and precautionary measures already available under the Austrian Enforcement Act, the EAPO provides rules on tools available almost throughout the EU which aim to prevent debtors from removing or dissipating their assets after, in the course of or even before obtaining and enforcing a judgment on the merits.