Freezing Assets for Enforcement of Judgment: Is the Account Balance Known in Advance?
Clause 26, Article 1 of the 2014 Amended Law on Civil Judgment Execution stipulates asset freezing as follows:
Freezing of accounts and assets at deposit locations is to be carried out when the judgment debtor holds accounts or assets at such deposit locations.
The decision to freeze accounts and assets at deposit locations must clearly specify the amount and the assets being frozen. The enforcement officer must deliver the freezing decision to the agency, organization, or individual currently managing the accounts or assets of the judgment debtor.
In cases where it is necessary to immediately freeze the accounts or assets of the judgment debtor at deposit locations and the freezing decision has not yet been issued, the enforcement officer shall prepare a written request demanding the agency, organization, or individual managing the accounts or assets of the judgment debtor to freeze such accounts or assets. Within 24 hours from the time the written request is prepared, the enforcement officer must issue the decision to freeze the accounts or assets.
The agency, organization, or individual managing the accounts or assets must promptly comply with the enforcement officer's request to freeze the accounts or assets. The written request and the freezing decision in this case must be immediately sent to the People's Procuracy of the same level.
Within 10 days from the date of issuing the freezing decision for accounts or assets at deposit locations, the enforcement officer must apply coercive measures or issue a decision to terminate the freezing in accordance with this Law.
According to this regulation, the decision to freeze accounts and assets at deposit locations must clearly specify the amount and the assets being frozen.
Thus, when freezing assets for judgment execution, the amount of money in the account will be known in advance.
Respectfully!
