Attachment of Assets - Looseleaf
Attachment of Assets - Electronic
Attachment of Assets
The major Egyptian laws that deal with this subject are: (1) Law No. 13 of 1968, as amended, promulgating the Civil and Commercial Procedure Law; (2) Law No. 308 of 1955, as amended, on administrative attachment that deals with administrative attachment; and (3) the Intellectual Property Law covering Copyright, Trademark, and Patent, all amalgamated in the Law No. 82 of 2002. These laws provide for both provisional and final enforcement attachment measures where the civil procedure measures are used. However, for government and sovereign debts the administrative procedures measures are used. The concept of attaching of assets or rights or dues under the hands of a third party (the garnishee) is a well established concept and is widely used against amounts due to a debtor (in a bank account) or (with an owner if the debtor is a contractor).
Before responding to the questions we have to also define the meaning of attachment and differentiate between the major types of attachments.
(a) Attachment means placing the movable assets of a debtor under the supervision of the court to prevent the debtor from disposing of same by any legal or material action that results in losing the security created by the attachment in favor of the creditor.
(b) There are two types of attachments:
(i) Provisional: which is effected by means of a court order which prevents the debtor from disposal of the asset. This type of attachment may not be effected except on movable assets or funds. It shall become final and enforceable upon the issuance of a final judgment.
(ii) Final and Enforceable Attachment: which is effected based on a final judgment that would result in the sale of the asset by public auction and the creditor obtaining his rights from the proceeds of the sale. This type of attachment may be effected on moveable and immovable assets.
Samir M. Hamza, Helmy, Hamza & Partners