Ukrainian banks authorized to seize funds from debtor accounts automatically

As of July 6, banks in Ukraine can automatically seize funds from bank accounts for unpaid debts through an automated system. 

The new Automated System of Enforcement Proceedings (ASEP) allows a public or private lender to create a special request in the system about the existence of funds in a debtor’s account, which will automatically go to all the banks that have joined the ASVP.