New laws to allow SMEs to use court system to chase debts abroad

New laws have come in to effect that allow SMEs to chase outstanding debts in other EU states.

New laws to allow SMEs to use court system to chase debts abroad

New laws have come in to effect that allow SMEs to chase outstanding debts in other EU states.

Around one million small and medium-sized enterprises in the EU face problems chasing cross-border debts.

The European Account Preservation Order, as it is known, will not apply in the UK or Denmark.

Ruth Deasy of the European Commission said that the process is simple.

"Well, it makes it really simple, even for the smallest company, to apply to the court where the person who owes them the money, the company, is based," she said.

"They just have to have the name of the bank and the name of the company, and that court has 10 days to put a blocking order on the company's account."

more courts articles

Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman
Coronation Street actor William Roache (91) given three months to settle tax debt Coronation Street actor William Roache (91) given three months to settle tax debt

More in this section

Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
Lord Rothschild death Tony Blair leads tributes on death of financier Rothschild at age 87
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited