# Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance), Division 321

Extent: E+W+S+N.I.

An exposure shall be ‘ in pre-litigation status ’ where the debtor has been formally notified that the institution will take legal action against the debtor within a defined time period, unless certain contractual or other payment obligations are met. That shall also include cases where the contract has been terminated by the reporting institution because the debtor is in formal breach of the terms and conditions of the contract and the debtor has been notified accordingly, but no legal action against the debtor has formally been taken by the institution yet. Exposures classified as ‘ in pre-litigation status ’ can exit this classification if the outstanding amounts are paid or if they enter into litigation status as defined in the following paragraph.

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Source: https://www.legislation.gov.uk/eur/2014/680/annex/V/part/2/division/31/division/321 (the official version)
Page: https://openlegislation.uk/eu-regulation-2014-680/annex-V/part-2/division-31/division-321
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.