Regulatory Alerts2012-01-01
Instructions for Enforcement on Monetary Assets in Judgment Debtors' Bank Accounts
The Ministry of Finance issued these Instructions to standardize the enforcement process for collecting monetary assets from judgment debtors' bank accounts. The designated collection organization records writs, issues daily orders via electronic SWIFT messages, and manages special accounts for foreign payment operations while allowing exemptions for empty accounts upon debtor certification. Banks must promptly unblock accounts after enforcement, report exemptions and designate contact personnel, and maintain a zero balance in special transfer accounts under this framework effective March 27, 2012.
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