Debt recovery from EU companies will be facilitated

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New legislation regarding debt collection from obligors within the EU has come into effect. The innovation is intended to enhance the recovery of amounts due to small and medium companies holding assets within the EU. Previously, creditors suffered enormous losses, as debt settlement by seizure of assets in other EU countries proved to be labour- and cost-consuming – about EUR600m annually. Now the court of any EU country can issue the European Account Preservation Order, which enables the seizure of debtor’s property in any other country.