EU Sets Out Blocwide Rules For Debt Transfers By Creditors

Law360, London (June 7, 2021, 3:35 PM BST) -- European Union member governments set out rules on Monday that would create a blocwide approach for creditors transferring their debts to a party based in another EU country, in a move to help provide legal clarity in transactions and boost cross-border investments

The European Council said it has approved proposals for a regulation on so-called assignments of claims to third parties. The measure would cover a situation in which a creditor company transfers its right to claim a debt to a party based in another member state in exchange for a payment.

Companies use assignments of claims to get paid faster,...

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