personal bankruptcy These purpose at leading to the debtor to become bankrupt. This stage has significant adverse effects about the debtor such as the prohibition to personal checks or develop into director in companies.
Almost ninety five% in the scenarios that we address, can be collected without any courtroom intervention. having said that, In case your debtor in Cyprus nonetheless would not pay out, then we can easily initiate legal proceedings.
That’s why we are able to check with the courtroom in Cyprus to impose an interim attachment. This means that the debtor’s belongings will likely be put in custody by a bailiff until finally a court determination is manufactured. assuming that the belongings are beneath attachment, your debtor can not access them.
This process includes intense conversation Using the debtor so that you can utilize constant strain. the primary activity is to ascertain contact with important final decision makers to achieve speedy debt repayment.
another phase is to arrange and send out a letter of assert to the debtor, contacting on him to pay for the debt in a set period, normally seven or ten days. When the debtor refuses and/or fails and/or denies to comply with his economic obligations in the set, by us, timeframe, then We'll find to negotiate with him.
Cypriot debt collections is usually effectuated not just Within the place, but overseas, much too. as a result, While a debt was built in Cyprus, When the debtor moved out from the country at a later on date, a courtroom action can be submitted after which you can the debt repayment might be enforced during the debtor’s region of home.
A lawsuit will likely be well prepared by our group of attorneys in Cyprus who'll then request the customer to assessment it. The Statement of Claim will include all website amounts because of together with the prices paid from the shopper for your debt collection course of action
whether or not you decide on to refer to us in either the extrajudicial or judicial debt collection levels in Cyprus or abroad, our Business is Completely ready to assist you.
It is solely feasible to rent a Cypriot debt collection agency for debt collection around the island. The tough element is that you'll speedily experience an important language barrier if you do not discuss Greek or Turkish on your own.
The period of lawful proceedings in Cyprus is determined by the complexity of your respective circumstance and ON irrespective of whether your debtor raises a defence.
With our in-household debt collection Restoration approaches, we will be able to present our shoppers with exact and valuable guidance or tips. We divide debt collection into two big stages: extrajudicial debt collection and judicial debt collection.
If compelled execution isn't going to bring on constructive outcomes, if there are signs of personal bankruptcy (the debtor is unable to repay the debt, has committed an act of individual bankruptcy, etc.) and offered that the level of the debt is no less than 15,000 euros, then it really is recommended to initiate individual bankruptcy proceedings.
Cyprus’ economic climate is made of various types of businesses In keeping with their size, and also of differing types of consumers. This is certainly why when dealing with debt recovery, the main element to take into account is the sort of buyer that has did not fulfill his/her economical obligations and then decide on the strategy to Recuperate the fantastic amount of money.
Anastasios specialises in company law issues, insurance coverage regulation and debt collection. Furthermore he has large expertise in e-money and payment providers laws.