Memo: European Account Preservation Order: Ministers endorse Commission proposal to help business recover cross-border debts

On 4 March 2014, Member States in the Justice Council endorsed the compromise agreement on those rules reached with the European Parliament just a few weeks ago, paving the way for a final adoption at first reading. The proposal will help businesses recover millions in cross-border debts, by allowing creditors to preserve the amount owed in a debtor's bank account.

This followed the European Parliament's Legal Affairs (JURI) committee vote to give its support to the compromise text agreed in trialogues with the European Commission and the Council of Ministers, on the proposal for a Regulation establishing a European Account Preservation Order.

• Primary Source

European Commission: RAPID: Press Release, IP/11/923: European Commission to help businesses recover an extra €600 million in cross-border debts http://europa.eu/rapid/press-release_IP-11-923_en.pdf

ESO: Background information: European Commission welcomes progress on proposal to help recover cross-border debts http://www.europeansources.info/record/memo-european-commission-welcomes-progress-on-proposal-to-help-recover-cross-border-debts/

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