Could it be that property assets maintained abroad by “strategic debtors” might be revealed? Could it be that national court decisions or orders of payment might be executed abroad?

Could it be that European orders of payment and/ or court decisions issued nationally might be eligible to be executed abroad? Useful legal tools

Debtors proceed to transferring property assets abroad, by exploiting the loose stance kept by their creditors regarding the sums owed with regards to which, not only should they have been moving faster by having issued measures of compulsory execution, but they ought to have been monitoring and not allowing any change of debtor property assets (while these debts have been stagnated)

As a result, the management and collection of these debts [especially with regards to Greece given that numerous debtors have developed a multifaceted business and/ or investing activity outside Greece (and especially in Cyprus, Bulgaria, Romania)] require review and crosscheck of the debtors’ property assets, as well as the execution of court decisions and orders of payment that might as well have been issued against them by local Court Houses

In particular and indicatively (in parallel, in combination, or at least in some of the cases) the following need to occur abroad, while dealing with national debtors:

  • Review of their real estate property abroad
  • Review of their participation in companies abroad
  • Review of their total assets abroad
  • Recognition and setting into action abroad of the court decisions and orders of payment of local Court Houses
  • Issuance of European Orders of Payment according to Regulation (EU) nr. 1896/ 2006 of the European Parliament and Council, of December 12, 2006, on laying down the procedure regarding the European order of payment
  • Issuance of European Order freezing a bank account, a process which allows any court house of any EU country to freeze capital amounts in the debtor’s bank accounts in any other EU country.

This process might be initiated only in transnational cases, which means that either the Court House conducting the process or the country of residence of the creditor has to be in a different member-state from where the debtor’s account operates. The process of issuing such an order is defined in regulation (EU) NR. 655/ 2014. It represents an alternative in comparison to preexisting procedures in any other EU country. It has been applied since January 18, 2017

  • Use of Regulation (EU) 2015/ 2421 of the European Parliament and Council, of December 16, 2015, regarding the amendment of regulation (EC) 861/ 2007 on laying down a European procedure with regards to minor disputes that would aim towards the simplification and acceleration of rulings on transnational claims up to a total amount of 5.000, 00€; it is to be provided to litigants as an alternative of the previously established procedures already in place by each member-state’s legislation. A decision reached according to the European procedure of minor disputes is recognized as such and it is executable in any other member-state without any proclamation of execution necessary and without any way whatsoever objecting the recognition of a decision reached in this way
  • Disclosure of “hidden” property assets abroad
  • Lift of confidentiality of debtors(i.e. the confidentiality of banking deposits as well) abroad
  • Execution of Judicial Decisions abroad
  • Procedures of having both natural persons and corporations declared bankrupt
  • Going though and crosschecking the property assets of debtors that have been kept in silence nationally, by making use of corporate formations of foreign legislations that are deployed here so as to “cover up” the debtor’s activities
  • Penal treatment of all the aforementioned subjects both abroad and / or nationally
  • Negotiations with debtors in order to have the debt arranged and / or a compromise of a sort (after having in place some or all of the above procedures)

This present notice includes information in a brief way and, consequently, it is meant data-wise and guidance-wise only for general purposes. It is not meant for as a substitute of a thorough investigation, or of the conducting of a professional judgment. In case of a specific subject, you must turn to the appropriate counsel


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