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The Ministry of Justice has opted out of preliminary plans to boost cross-border debt recovery which have been laid down by the European Commission. The European Account Preservation Order (EAPO) aims to freeze the bank accounts of debtors to help settle disputes across the EU.
But the Ministry of Justice (MoJ) has decided against accepting the order in the UK, following a consultation which raised concerns that the legislation would allow the freezing of UK business bank accounts without warning. Despite its decision, the Department said it hopes to opt in to the EAPO at a later stage after it has been adopted.
Frances Coulson, president of R3 – which has warned of the potential threat to the UK’s rescue culture – welcomed the decision.
She said: “Although they were designed to make it....Read more here--> MoJ opts out of cross-border debt recovery plans
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