What Is A Precautionary Sequestration In General?
Precautionary Sequestration
Precautionary attachment is a temporary legal protection that enables the seizure of the debtor’s assets by court decision in order to secure the outcome of the current or future proceedings regarding money receivables. The creditor requests a precautionary attachment from the competent court with an appropriate petition, and if the court accepts this request, it decides that the creditor must deposit a collateral ranging from 10 percent to 15 percent. Without this deposit, it is impossible for the court to issue a precautionary attachment decision. Although precautionary attachment is generally applied as a temporary legal protection related to money receivables within the scope of enforcement law, for example, within the framework of bankruptcy and cancellation of disposition cases, it is analyzed under this section since it is mainly applied within and in connection with the enforcement law.
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