Sea freight, transport and trade to benefit from EU debt recovery proposal

Last month, European Justice Ministers reached a decision over the European Account Preservation Order, which aims to facilitate the recovery of cross-border debt claims throughout the EU.

According to Rotterdam-based law firm AKD, shipping and international trade and logistics operators should welcome the decision, which is expected to significantly improve their chances of recovering money owed.

Sebastian Moolenaar. partner at AKD, explained why: “The EAPO proposal should be welcomed by all parties to the transportation chain operating throughout Europe. It allows money to stay where it is until a court has taken a decision on the repayment of funds. It will introduce uniformity to the account preservation orders which creditors can obtain, irrespective of the country in which the competent court issuing the order is located. Creditors will be allowed access to information concerning the whereabouts of debtors’ bank accounts, and costs and delays involved in obtaining and enforcing account preservation orders will be reduced.”

Source: All About Shipping