Litigation: A new framework for cross-border debt recovery process.

In 2011 European Commission came up with a proposal to improve and increase the effectiveness of cross-border debt recovery process, among other things, facilitating access to information about the debtor's bank accounts. On 15 May 2014 Regulation No. 655/2014 was adopted establishing a European Account Preservation Order procedure to facilitate cross-border debt recovery in civil and commercial matters. The aforementioned regulation is an important step to reduce dishonest debtors, while ensuring a wider legal protection of creditor.

For more information in Latvian, please see our INSIDER.

by Aivars Lošmanis, Partner, Latvia


Related Experience

VILGERTS assisted Summus Capital OÜ with the issue of unsecured bonds in the amount of EUR 10 million, arranged by Signet bank.  Summus Capital OÜ, established in 2013, is an Estonian-based investment company which has diversified commercial real estate portfolio in the Baltics. The group possesses a portfolio of cashflow generating commercial real estate properties in the retail, office, logistics and medical segments. The VILGERTS team included managing partner, Gints Vilgerts and senior associate, Kristīne Mora.  Other lawyers involved, included Kaido Loor.

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