The legislative changes are being introduced as part of the process of harmonizing Moldovan legislation with EU legal standards. They will take effect upon Moldova’s accession to the European Union.
The amendments to the legislation were drafted by the Ministry of Justice. They establish the legal framework for applying procedures in force in the EU. Logos Press previously reported on the upcoming legal framework for procedures to collect uncontested monetary claims and resolve cross-border small claims disputes.
A separate set of legislative amendments concerns the ability to freeze a debtor’s bank accounts in accordance with the procedure in effect in the European Union. This procedure allows a creditor to obtain an order to freeze funds in an account to ensure debt collection.
The order will be enforced in Moldova without the preliminary recognition procedure currently in place. The bailiff will be required to forward it to the bank no later than one business day.
To implement this change, amendments will need to be made to the Law on Banking Activities. Banks will be able to provide the necessary information and execute relevant European orders at the request of a court or a bailiff in cases provided for by EU legislation.
