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  • 31-01-2017

On January 18 2017 EU Regulation 655/2014 became fully applicable, making it possible  for creditors in Luxembourg to obtain a preservation order for the bank accounts of a debtor situated  in another EU member state and vice versa. 

The regulation introduces a certain degree of transparency at the EU level with regard to debtors' assets which is greater than that provided under existing Luxembourg law. In addition, the new procedure implies enhanced cooperation between banks and is accompanied by certain mechanisms designed to protect debtors. However, its scope of application is somewhat limited.

Source: ILO - January 2017

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