On September 12, 2016, the Minister of Justice consulted with the Legislative Council of the Ministry of Justice to discuss amendments to the Civil Execution Act, including the establishment of a system by which a court could request that financial institutions disclose debtor account information, among other things. Currently, even if an enforceable judgment is granted, it is practically difficult to attach accounts, which are the assets against which judgments should be the most enforceable, as there is no way to forcibly obtain from financial institutions the information of the accounts of the debtor. At the very least, holders of enforceable judgments are required to identify the names of the appropriate financial institutions and the appropriate branches in order to implement attachment of debtor accounts. If the new system is established, the enforcement of judgments against debtor accounts is expected to be more easily facilitated. Attention should be paid to further discussions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.