Bankruptcy These purpose at causing the debtor to be bankrupt. This move has appreciable unfavorable results over the debtor such as the prohibition to have checks or come to be director in businesses.

In line with Cypriot regulation, It is far from required to hire an attorney to file a lawsuit in opposition to your debtor, neither is it necessary to have a lawyer characterize you throughout the lawful proceedings.

given that the major cross-border debt collection law firm, We have now use of international business databases and credit score stories. inside these databases, we will look at your debtor’s credit position, establish why the Bill was not paid and refine our tactic appropriately.

When to Escalate: Transition to judicial proceedings really should be regarded as when amicable attempts fail or statutory constraints method.

In the event the debtor information an objection, the court docket summons the plaintiff to tell his position on the case and, if it considers the debtor’s objection being justified, cancels the payment purchase. In this instance, the case is subject to thing to consider in civil proceedings. Should the debtor isn't going to submit any objections for the court docket, the payment order acquires the force of the remaining conclusion. The European Payment get is recognized in all EU member states (other than Denmark).

000 businesses around the world, such as Cyprus. Learn how our Worldwide experts and attorneys have helped other firms in the same problem and uncover the solution for debt collection in Cyprus.

Application to examine the fiscal condition of your Debtor implementing to your court docket and requesting the evaluation on the debtor’s money scenario and necessitating the debtor to pay for to your creditor an installment each month.

the failure of tiny enterprises to pay their invoices may also result in creditors captivating to debt collection treatments in Cyprus.

at last, in conditions wherever the debtor is insolvent, insolvency proceedings could be initiated. that is a authorized system exactly where the debtor’s belongings are liquidated and dispersed amid creditors.

The period of lawful proceedings in Cyprus will depend on the complexity of the scenario and ON no matter if your debtor raises a defence.

each time a bill or Bill remains unpaid, the first step is to attempt collection via extrajudicial or amicable means. The extrajudicial section requires all attempts to gather the debt with no involving the courts. In 9 from 10 situations, This can be enough to Get well your hard earned money.

you'll find particular strengths to operate with law firms In terms of debt collection in Cyprus, as these can:

This depends on Just about every circumstance and debtor. We constantly start out within the amicable debt collection section. this method usually takes a comparatively shorter time since we offer your debtor with restricted time to accomplish the payment. When beginning your scenario, your circumstance employee will supply an estimate of your duration of one's circumstance.

we can easily ask for a eu Payment Order from your designated court in your very own region. They problem the payment purchase dependant website on numerous regular types that we fill out for yourself.