Brussels, 06/03/2008 (Agence Europe) - On Thursday 6 March, the European Commission adopted a Green Paper aimed at opening broad consultation between interested parties on ways to improve the transparency of debtors' assets in the European Union. The Green Paper describes problems relating to the current situation and presents possible solutions, a press release states.
Problems in cross-border debt recovery represent an obstacle to the free circulation of payment orders within the European Union and may impede the proper functioning of the internal market. Late payment and non-payment jeopardise the interests of businesses and consumers alike. This is particularly the case when the creditor and the enforcement authorities have no information about the debtor's whereabouts or his assets. The search for the debtor's address and/or for information about his financial situation is often the starting point of enforcement proceedings. At present, transparency of debtors' assets is generally achieved at a national level through different sources of information, in particular through registers and the debtor's declaration. While the basic structures of the national systems appear similar, there are considerable differences in the conditions of access, the procedures for obtaining information, the content and the overall efficiency of the systems. The cross-border recovery of debts is hampered by the differences between the national legal systems and by insufficient knowledge on the part of creditors about the information structures in other member states. However, the similarity of the underlying structures of the legal systems of the member states could provide a basis for approximation.
The Commission considers that it is worth taking into account a number of measures that might improve the current situation, helping to ensure that the creditor obtains reliable information on his debtor's assets within a reasonable period of time and in particular: - drawing up a manual of national enforcement laws and practices; - increasing the information available in and improving access to registers (commercial registers, population registers, social security and tax registers); exchanging information between enforcement authorities; - and establishing measures relating to the debtor's declaration (a Community instrument setting out the obligation for member states to introduce a procedure for the taking of a debtor's declaration or the introduction of a uniform European Assets Declaration).
For further information see the Commission website: http: //ec.europa.eu/justice_home/news/consulting_public/news_consulting_public_en.htm. (O.J.)