The government is developing the legislative decree scheme to allow the creditor to block the debtor’s bank accounts. As a result, money in checking accounts is not as safe as it once was. In fact, with the entry into force of this new provision, citizens and businesses have some more hope. In fact, the scope in which debtor funds can be sought also extends toEuropean Union.
Therefore, the legislative decree scheme, which is about to enter into force in Italy, aligns itself with the precautionary attachment procedure on bank accounts throughout Europe. In light of this, cross-border recovery of debts in civil and commercial matters will be facilitated. In fact, with the next legislative decree, Italy sets the procedural rules of connection.
How does it work
The European regulation provided for the freezing of funds held on the current account of a debtor in another Member State. The President of the Court issues the order to authorize searches in the register of accounts.
The debtor has one less weapon to hide his money from creditors. Once the bank account has been identified, it is seized with the classic methods of foreclosure of credits. The creditor, in order to obtain the money due, must demonstrate that there is a concrete risk. Consequently, the attachment occurs only when the creditor has supporting documentation.
Not valid for all current accounts
However, creditors need to be aware of a fact. Not all current accounts held in Europe can be attacked. In fact, some matters are excluded: tax, customs or administrative credits. Or, property rights deriving from relations between spouses, wills and succession. Finally, for receivables from bankruptcy proceedings.
Is the debtor notified?
Unfortunately, the effect of surprise occurs for the debtor. Anyone who owes someone money will never be informed. Indeed, overnight, the current account will be blocked. However, the debtor does not end up on the pavement, because the amounts necessary for the maintenance cannot be seized.
What the debtor can do
The debtor will be able to defend himself by activating judicial appeals against the blocking of accounts and the deposits. However, in the event that, the debtor has suffered damage from the attachment order, he can seek compensation for any damages. Ultimately, money in checking accounts isn’t as safe as it once was. Soon, the capital flight towards abroad it is of little use.
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