Cyprus must implement EU cross-border regulations

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The Cyprus House Finance Committee discussed two bills put forward by the EU Justice Ministry regarding cross-border debt collection in civil and commercial matters. Going forward, Cyprus must adopt Regulation (EU) No 655/2014 of the European Parliament establishing a European Account Preservation Order method to facilitate cross-border debt recovery in civil and commercial matters. As per the regulation, a cross-border case “should be considered when the court dealing with the application for the Preservation Order is located in one EU Member State and the bank account concerned by the bill is upheld in another Member State.”