EU Approves Out-Of-Court Asset Seizure For Unpaid Loans

Law360, London (November 28, 2019, 11:40 AM GMT) -- European Union governments have waved through rules that will allow lenders to claw back assets from business borrowers who cannot repay their loans without having to go to court, in a move to stop the bloc's €636 billion ($700 billion) stockpile of "bad debt" growing.

The Council of the European Union said on Wednesday that it has approved an EU-wide framework and minimum requirements that will allow banks to recover outstanding loans that have been guaranteed with collateral — without paying out for potentially costly legal fees. The process will also be quicker than going to court and will help prevent...

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