If a debtor is insolvent, creditors may possibly initiate individual bankruptcy proceedings, perhaps leading to the liquidation of belongings to fulfill debts.
Debt collection in Cyprus often starts off inside the extrajudicial stage wherever we send out your debtor personalized need letters and call them by phone. When your debtor disputes the declare or fails to respond, then we can commence by using authorized motion in session with you.
you'll be able to rely on our debt recovery lawyers that can assist you solve problems successfully and promptly, making sure that your business doesn’t experience the check here slightest situation.
Although Cyprus is formally one state, the nation is administratively divided in two. The northern Portion of the island continues to be occupied by Turkey considering the fact that 1974.
In principle, we normally start off the debt collection procedure Together with the extrajudicial period. At this stage, we test to stop Court intervention, as This may be high priced. We are going to contact your debtor to need payment.
In addition, particular limitation intervals implement to selected matters. For promises associated with agreement do the job, there is a limitation period of six a long time.
The letter despatched towards the Debtor is ready by our group of lawyers in Cyprus who call for the debtor to pay inside (commonly) 10 times. The letter is both served towards the debtor via a court officer or despatched by fax, post or electronic mail.
The collection organizations and law firms in Cyprus also can guide the creditors in the course of the trials in opposition to the debtors.
lawful session if Necessary: should really amicable resolution verify unfruitful, we provide a few aggressive estimates from regional law firms, empowering you for making educated selections about lawful action.
We tactic debt collection professionally and assist the clients in all phases of the debt Restoration procedure. Our success price is extremely significant as We now have nearly this date initiated the method from more than 2000 debtors.
From uncomplicated debt collection conditions to advanced authorized matters, from compact enterprises to multinationals across distinctive industries, our experts have assisted over 24.
does one want to know more about our debt collection providers in Cyprus? Speak to us for your cost-free session.
In situations wherever the debtor has no belongings for seizure, take into account filing for individual bankruptcy. If your debtor is already bankrupt, post your assert instantly for verification.
regardless of whether they could do the job with collection companies, It is additionally frequent to use the products and services of attorneys in Cyprus who can offer tailor-made guidance in accordance Using the provisions of your Civil Code.