Bank Seizures in Monaco – Lawsuits & Appeals & Compensation
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In Monaco, it is possible that the bank accounts of natural or legal persons are frozenwhich means that all debit or credit transactions from or to this account will be blocked.
Depending on the type of seizure on the account, the account holder may become aware of it by notification from his bank, bailiff’s notice or simply realize that he cannot carry out any operation from his account.
Bank seizures ordered in the context of criminal proceedings
A bank account seizure may result from a
ongoing criminal investigation by the investigating judge, who has the power to freeze the bank accounts of persons involved in criminal proceedings and the bank accounts of legal persons if the person involved in the criminal proceedings is the
ultimate beneficiary such entities.
This power stems from the need to facilitate ongoing criminal investigationsthe suspicion that the funds held in the account are proceeds of a criminal offense and if there is a risk of disappearance of funds.
To challenge a freezing order, it is possible to file a detailed request setting out your arguments in order to ask the Judge to totally or partially lift the freezing order on the account, in particular to be able to pay its necessary expenses.
If the request is refused, it is possible to
call the judge’s decision before the criminal division of the court of appeal. There is no limit to the number of times such petitions can be made. However, if the request is refused, it is generally preferable to wait for new elements to appear in the investigation or for the applicant’s position to change before making a new request.
Bank seizures ordered in civil proceedings
The freezing of bank accounts can also occur in civil seizure procedure. It may be authorized by a Judge, as a precaution, if a lender requests the payment of a
debt and there is a risk that the debtor will make the funds disappear (in this case, the funds are blocked until a final decision on the merits is taken). It is also possible to ask the judge to lift the seizure, even if the proceedings on the merits are still in progress.
The attachment can also be forced following a judgment in favor of a lender if the debt is not voluntarily paid by the debtor. In this case, if the seizure is not contested by the debtor within the legal period, the funds will be automatically attributed to the lender.
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
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