Attachment of Assets - Looseleaf
Attachment of Assets - Electronic
Attachment of Assets
1. What is the general nature and effect of judicial measures
available for plaintiffs to obtain provisional relief affecting
property of debtors to obtain security for judgments to be
obtained (“attachments”)? Freezing property in place? Placing
it in the custody of a third party, such as a Court official,
sheriff or marshal?
In Liechtenstein (being a civil law jurisdiction) the Exekutionsordnung
(Execution-Order, EO), LGBl. 1972 Nr. 32, provides the legal basis for
any steps to attach debtor’s assets. The type of relief depends on the type
of the creditor’s claim. In case of pecuniary claims the creditor asks the
Court to grant a relief (Sicherungsbot; Art. 274 EO) ordering the
debtor or a garnishee not to dispose of assets under control of the latter.
This will result in a freezing of assets. A part from pecuniary claims
almost any other right may be secured by a Court order (Amtsbefehl,
Art. 276 EO) Attachment of assets is usually carried out by a Court
interdiction to the debtor or the garnishee to dispose of the assets.
Other possibilities are to request a Court order to prohibit alienation of
moveable assets or a relief ordering distress or Court custody.
Furthermore, it has to be noted that according to Liechtenstein Law all
measures taken by a creditor to obtain security for judgments to be
obtained are orders in rem. Therefore, the creditor has to know if there
are any assets belonging to the debtor and has to know their
whereabouts. Only those assets can be targeted successfully.
2. What is the form of the attachment? Injunction? Other kind of
judicial order? Specify.
Attachments are effectuated in case of debtor’s assets by a Court
order maintaining a present state together with the interdiction to
dispose of the attached assets. It can be best translated as an injunction.
Such an injunction may be sought at any time, before or during
litigation. Usually creditors use the injunction to secure the success of a
lawsuit. If the necessity for an injunction arises during a pending
lawsuit (the debtor is trying to bring his assets abroad), plaintiff may
ask the Court to issue such injunction.
Christoph Bruckschweiger, LL.M., Ritter & Wohlwend Advokaturbureau