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New procedure against credits abroadAccording to EU estimates, one million small Italian businesses find it difficult to recover credits in other European countries - a loss of €600 million every year. To find a solution to this problem, the Union has implemented account preservation orders to facilitate credit recovery. We talked about it with Gualtiero Roveda, Frutimprese consultant.
FreshPlaza (FP): In 2017, the EU legislator introduced account preservation orders. What are they?
Gualtiero Roveda (GR): They basically enable creditors to recover their money in case of a positive outcome of the legal process. Before that, many operators actually avoided recovery procedures as they had to spend money without being certain of the outcome. Now, the sum deposited on the debtor's account can be blocked. This procedure does not apply to Denmark or the UK, though.
FP: Can this European provision be used between Italian companies?
GR: No. The procedure can only be activated if the creditor and the debtor have different nationalities.
FP: Is the procedure complex?
GR: No, one just needs to fill in the Standard form with the following data:
-creditor and debtor details;
-evidence of the credit (e.g. contract, invoices, CMR, etc.);
-circumstances supporting the application (e.g. reminders, reports debt acknowledgement, outstandings, etc.);
-debtor's account (IBAN and SWIFT - BIC code) and bank details.
FP: But sometimes the account details of the debtor are unknown.
GR: In this case, the creditor can ask the judge to order the acquisition of the information necessary, you just need to tick the specific option on the Standard Form.
FP: What about the time frame?
GR: It's good. The Authorities examine requests promptly and debtors are only warned 3 days after the order is given. In addition, the judicial authorities must decide on the request in a very short time:
- 5 working days if the creditor already has a title;
- 10 working days if they still have to obtain it.
The order will be recognised automatically by all Member States.
FP: Could the procedure be abused?
GR: To avoid this, creditors who don't have a title yet must pay a deposit. This should prevent any abuse and pose a guarantee for the debtor in case of any damage incurred in case of an illegitimate procedure.
Publication date: 6/19/2017
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