European Parliament and Council Regulation (EC) No. 805/2004, on European Enforcement Order for uncontested claims

The regulation introduced the so-called European Enforcement Order for uncontested claims, i.e. receivables recognized by creditors on the basis of a payment order or a judgment for recognition. The basic idea of this regulation is that if investigatory proceedings correspond with a certain standard, the claim arising from the proceedings can be confirmed in the state where it was issued as an European enforcement order. Such claim can be executed in another member state without the necessity of exequatur, i.e. recognition proceedings. The regulation brings evident advantages to creditors who have the possibility of fast and effective resolution in a foreign country without involving the court power of the member state in which they seek the claim, i.e. without delays and higher costs. The regulation is a part of a set of measures for further development of the principle of mutual recognition of judgments and other decisions by court bodies in the EU. (Effective as of October 31, 2005.)