The Ministry of Justice has launched a six week consultation over a proposed European Regulation creating a European Account Preservation Order
This would create a European procedure to freeze the bank accounts of debtors and help recover debt in cross-border disputes. The Order would be used where a creditor can prove to a court that they have a claim but there is a risk the defendant might dispose of or conceal their assets. It would temporarily freeze the debtors bank account up to the amount of a claim plus any interest and costs. The consultation closes on 14 September 2011.
