Generally speaking, debt recovery constitutes one of the most uncertain procedure creditors may deal with. In fact, the general uncertainty about debtors’ economic situation together with the difficulty of obtaining a preventive seizure of bank accounts may risk to make the whole procedure almost ineffective. In addition, the international nature of debt relationships may increase the previous difficulty in obtaining the payment of such debts.

Starting from 1^st December 2020, the Italian Legislative decree n. 152/2020 disposes the adaptation of Italian National legislation to the European regulation n. 655/2014. Such regulation finally establishes a procedure through which obtaining a European account preservation order. Specifically, it is possible to obtain such preservation order with the purpose of making the whole procedure faster and only under the condition that the debt situation arose from a civil or commercial relationship.

In the event the credit is connected to a public notary act, then the judge of the place where the public deed has been stipulated will have jurisdiction. In the event the creditor issues a request of account preservation order, 2 different situations may arise:

1-   1- The  Judge dismisses the request. In this case, the creditor may appeal such decision.

2-  2- The judge accepts the request. In this case, the ordinance shall be notified to the debtor within the next 14 days from the seizure of debtor’s accounts.

The debtor is entitled to resist to the account preservation order by appealing against the decision of the European judge. On the contrary, should the debtor appeal against the execution of previous order, the claim should be addressed to the judge who has jurisdiction over the place where the debtor resides.

This is a relevant step ahead for Italian and European Law. In such way, international debt recovery is characterised by more certainty and strength.

Vgs Lawyers professionals have developed a robust experise over debt recovery matters and related issues. Should you need any assistance please contact use through the chat-box or the form you can find in this page