Immediate and direct access to bank account registers is often indispensable to maximise the value of insolvency estates. Therefore, rules should be laid down providing for immediate and direct access by the designated courts or administrative authorities of the Member States to information held in the bank account registers. For the purpose of identifying and tracing assets belonging to insolvency estates, as well as assets subject to avoidance actions, access can be needed not only to the bank account information of the debtor but also to the bank account information of third parties, where there are reasonable grounds to consider that they have benefited from void, voidable or unenforceable legal acts. Where a Member State provides access to bank account information through a central electronic data retrieval system, that Member State should ensure that the authority operating the retrieval system reports search results immediately and in an unfiltered way to the designated courts or administrative authorities.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
