Home New debt recovery rules enter into force

New debt recovery rules enter into force

Businesses, particularly small and medium-sized enterprises (SMEs), will be able to benefit from new EU rules to recover debt from debtors in other EU countries which came into force on Wednesday. About 600 million Euros are lost every year due to long and costly legal procedures preventing companies to recover money they are owed outside their home country. The proposed European Account Preservation Order (EAPO) can help companies by offering them a simple and cost-effective way to block funds that are owed.

Unpaid bills can seriously affect the bottom line of a company, says the EU’s Commissioner for Justice and Consumers Vera Jourova: “As a former entrepreneur, I know that Particularly small businesses often cannot afford the legal support necessary to bring back the money they are owed”.

“Thanks to the European Account Preservation Order, businesses and citizens will be able to recover millions in cross-border debts by requesting that the amount owed to them is blocked on the debtor’s bank accounts”…

Read more : EUBusiness, 18.01.2017

You can not comment on this article
Related articles
GEAB
15 Jul 2022

Visions and key dates in tomorrow’s space agenda

#anticipation #economy #governance #newtech #space

Between the desire for supremacy and the wish to use space as a catalyst for a new economy, the vision that nations have of their place in space is remarkably [...]

GEAB
15 Jul 2022

2025: The New Space and the emergence that will shape its new look

#governance #newspace #newtech

The revolution in orbit access prices and the standardisation of satellite construction are enabling the advent of a new space economy. Space is becoming more democratic and is gradually following [...]

GEAB
15 Jul 2022

The space economy in 2030: A clash of titans and a shock of realities

#economy #europe #governance #space #USA

Young, even infant, the space market has grown by 70% since 2010 and is expected to reach a trillion dollars in annual revenues by 2040. One might think that the [...]