The European Payment Order (EPO) is a system of cross-border
debt-collecting methods established on December 11, 2006 that is used in the
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been ...
.
Uses
The European Payment Order is only available for cross-border cases. It allows for citizens and businesses to use a simple method to enforce uncontested payments.
Small businesses in particular should benefit from the EPO since it provides a simple, cost-effective method of collecting payments from a multinational group of customers.
Local law
Local debt-recovering systems work alongside the European Payment Order.
Creditor
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property ...
s can choose which system they wish to use. One of the biggest benefits of using the European Payment Order is that it is specifically designed to work in multinational scenarios.
See also
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Debt collection
References
European Union law
2006 in European Union law
2006 in the European Union
European Union regulations
Judicial cooperation in civil matters in the European Union
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