The debt collection approach in Cyprus could be divided into two phases. throughout the extrajudicial phase, collection takes area with out Court intervention.
In line with Cypriot legislation, It's not at all obligatory to rent an attorney to file a lawsuit from your debtor, neither is it needed to have an attorney depict you throughout the lawful proceedings.
commencing a debt collection in Cyprus is rapid and simple. you could add your claim through our on line transfer variety. All you need to do is enter some facts with your organisation, your debtor’s company and pertinent documentation or invoices. You can then add your situation via a secure community in this article.
almost all of the cases are fixed over the extrajudicial collection phase, nevertheless, from the party where by a debtor neglects to pay for, the situation is handed about to the legal Office and also the assigned law firm will attempt to steer the debtor to pay amicably in a specified timeframe agreed While using the client.
We also recognize that the Coronavirus could have established a again log of debts, a few of which can be authentic situations of inability to pay, while Various other situations relate to strategic behaviour via the Debtors not to pay for their debts.
Send a polite reminder on your debtor, gently prompting them about their economical obligation. This reminder need to:
This could include things like sending demand letters, producing mobile phone calls, or maybe going to the debtor in man or woman. If your debt is uncontested and the debtor is willing to shell out, This may be a quick and economical way to Get well the debt.
the initial step while in the debt collection system in Cyprus would be the out-of-court section. This is where the creditor tries to gather the debt by negotiation and conversation Together with the debtor.
in the framework of the treatment, it is feasible to judicially cancel fraudulent/fictitious transactions on the debtor geared toward withdrawing their assets as a way to avoid debt repayment with the compelled sale of these types of assets.
Interim measures in Cyprus A authorized case normally takes months check here to resolve. Of course, we don’t want your debtor to work with that point to cover their assets, leaving almost nothing to gather after the courtroom would make a ruling.
preparing is paramount inside the debt collection course of action in Cyprus. To ensure that you're on sound ground, scrutinize contractual agreements for very clear, enforceable conditions which were appropriately communicated on your debtor. This involves:
George Y. Yiangou LLC may well guide and act on behalf of our purchasers with discretion, professionalism and sensitivity on any debt collection subject in Cyprus.
When handling debt collection in Cyprus, you could rely on Bierens. when our gurus obtain the answer you need, you are able to resume business enterprise as typical. We will help you with the following cases:
However, even In this instance, There exists a prospect of reaching a settlement through which the debtor will commit to paying the owing amount of money.