EU: Resolution order on the preliminary garnishment of accounts shall advance the cross-border recovery of receivables
With such regulation a European order for preliminary garnishment of accounts is introduced, which shall enable creditors to have the debtor’s accounts blocked. Since the national system on a preliminary garnishment of balances and accounts shall remain unchanged, the proposal by the Commission provides for the introduction of a European procedure in parallel to the national system, which creditors can choose to enforce receivables in other countries of the EC. The envisaged procedure is an interim measure of protection. In order to receive the money de facto, the creditor has to affect an enforceable title on the merits of the case, either in accordance with domestic law or with one of the simplified European procedures (such as the European procedure for small claims).
The European order on the preliminary garnishment of accounts shall be available to creditors in cases with cross-border relation as an alternative to devices provided by the domestic law. It is aiming at providing collateral, i.e. blocking of accounts of a debtor, but does not allow it a disbursement of money to the creditor. It is issued without an official hearing of the debtor, in order to sustain the “surprise effect”.
The regulation proposal is now forwarded to the European Parliament and Counsel of the European Union; its acceptance is carried out in ordinary legislative procedure with qualified majority.
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The law firm was established in 2003 by Dr. Artur Bunk, an Attorney-at-Law. Qualified in 1995, he was admitted to the Frankfurt Bar in 1997 after obtaining an LL.D. in European Law at the University Viadrina in Frankfurt (Oder). During his career he has worked with the German law firm Pünder, Volhard, Weber & Axster (now Clifford Chance), was Head of Office at Rödl & Partner in Poland, and Senior Legal Counsel at the Legal and Restructuring Department of KfW. In addition to German, he also speaks fluent English and Polish.
Our offices are based around 45 minutes from Frankfurt/Main International Airport in and approx. the same distance from Frankfurt City.
Thanks to the professional experience and background of our Principal and our Attorneys we are in a position to meet the highest requirements and expectations of international clients. The decisive focus on international clients, which forms an integral part of our business philosophy, enabled us to establish a profound know-how base on international matters unmatched by law offices of comparable size and background. With our network of external consultants (auditors, tax advisors), we are well equipped to perform advisory services usually only found in much larger law offices. Our comparatively low overheads and flexibility enable us to provide our services on a competitive basis.
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