The debt collection course of action in Cyprus may be divided into two levels. throughout the extrajudicial stage, collection normally takes location with out Court intervention.
In accordance with Cypriot legislation, It is far from necessary to hire an attorney to file a lawsuit towards your debtor, neither is it needed to have a lawyer symbolize you in the legal proceedings.
Our prime issue is to attempt to negotiate with each debtor as a way to keep away from court docket intervention. The technique followed by our professional collection team, would be to Speak to the debtors and persuade them to settle their outstanding total thanks by sending Formal notifications, desire letters, e-mails and thru phone calls.
Issuing court docket proceedings is the last vacation resort when the debtor is not really willing to settle his debt with no have to have for litigation. The shopper/creditor will probably be suggested concerning whether it is worth gonna courtroom as well as real looking likelihood of success in Court and collection on the debt.
ready methods might be squandered from the creditor to comply with up on usually irrecoverable debts because of and occasionally, the creditor’s only choice is to deal with the debts as “poor”.
Additionally, specific limitation durations use to specific issues. For statements related to agreement perform, There's a limitation period of 6 a long time.
In case the debtor is a organic human being we would require the client to provide us with any details that they've got within the whereabouts of your debtor in order to aid us While using the debt collection course of action. In Cyprus, lawyers can acquire all details concerning debtors as well as the starting point is definitely the customer.
If payment is just not created throughout these three weeks, we send a final reminder. Within this concept, we notify your debtor that lawful steps are inevitable if they do not spend. We enable it to be clear that there will be substantial charges connected with this for them.
How are you going to acquire the fantastic debts? Which regulation applies? In Cyprus, the problem is even more complex for the reason that a Component of the island is beneath the Charge of Turkey and a different authorized system is de facto used.
Collection of receivables in Cyprus is completed by filing a claim beneath the conventional or different course of action (inside the absence of a big dispute about the details) and thru a simplified method.
From uncomplicated debt collection scenarios to sophisticated lawful issues, from tiny businesses to multinationals across distinctive industries, our professionals have assisted more than 24.
An additional forbidden motion would be that the creditor can't acquire extra debit than it speculated to, other than the case where by the state regulation supplies so.
we offer thorough assistance on creditors’ legal rights and secured transactions, supporting consumers enforce their rights and shield their interests in cases of debtor default.
as being a creditor, we however have a strong leverage tool at our disposal In the event get more info your debtor definitely refuses to pay: a personal bankruptcy petition. In Cyprus it is achievable to file for individual bankruptcy of one's debtor if they don't pay out.