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Economic and Social Policies, PUBLICATIONS

Law applicable to the third-party effects of assignments of claims [EU Legislation in Progress]

Written by Angelos Delivorias (1st edition),

Getting ready to file a health insurance claim form

© Christian Delbert / Fotolia

The assignment of a claim refers to a situation where a creditor transfers the right to claim a debt to another person. This system is used by companies to obtain liquidity and access credit. At the moment, there is no legal certainty as to which national law applies when determining who owns a claim after it has been assigned in a cross-border case. The new rules proposed by the Commission clarify which law is applicable for the resolution of such disputes: as a general rule, the law of the country where assignors have their habitual residence applies, regardless of which Member State’s courts or authorities examine the case. This proposal will promote cross-border investment and access to cheaper credit, and prevent systemic risks.

Versions

Proposal for a Regulation of the European Parliament and of the Council on the law applicable to the third-party effects of assignments of claims
Committee responsible: Economic and Monetary Affairs (ECON) COM(2018) 96
12.3.2018
Rapporteur: Pavel Svoboda (EPP, Czech Republic) 2018/0044(COD)
Shadow rapporteurs: Mady Delvaux (S&D, Luxembourg)
Kostas Chrysogonos (GUE/NGL, Greece)
Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’)
Next steps expected: Vote in committee

Stage: Committee vote

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