The European order of retention of bank accounts

In the latest edition of the Spanish-German magazine “ECONOMÍA“, published by the German Chamber of Commerce for Spain, the lawyer of Augusta Abogados, Alba Ródenas Borràs, has published an article of a practical nature for companies and individuals, on the possibility of directly seizing a debtor’s bank accounts in a third country of the European Union, and without the need to previously execute a Spanish judgment abroad. 

The European Regulation nº 655/2014 aims to regulate a procedure for obtaining the European order of retention of accounts (OERC) in cross-border cases in civil and commercial matters. Therefore, this Regulation facilitates the collection of debts within the EU and ensures that by means of such an enforcement measure the creditor’s claim is not frustrated.