Can a Precautionary Attachment Order be Obtained for an Unpaid Promissory Note?
Precautionary attachment is a legal remedy that can be obtained from the competent and authorized Courts for a money debt. In the event that the promissory note is due but not paid, a precautionary attachment order can be obtained from the Court and the debtor can be prevented from evading the property. In this case, the court may temporarily seize the debtor’s assets until the proceedings are finalized without waiting for the 10-day finalization period by issuing a precautionary attachment decision in case of payment of a collateral of 15-20% according to the value of the promissory note. The implementation of the precautionary attachment decision and the execution of enforcement proceedings for the unpaid promissory note are matters requiring expertise. In order to avoid loss of rights, it will be necessary to work with a lawyer specialized in enforcement law in such cases.
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