New European ‘Freezers’ will Provide a Fast and Effective Tool in Preserving Funds in Cross-Border Cases from January 2017

From January 2017, creditors domiciled in EU Member States that have signed up to a new European regulation[1] will be able to avail of the new European Account Preservation Order (EAPO) which provides a novel fast track way to preserve funds held in EU bank accounts in cross-border civil and commercial disputes. As the UK and Denmark have opted out of this legislation, this new remedy won’t be available to creditors domiciled in those jurisdictions.