In circumstances where by the debtor has no belongings for seizure, think about filing for personal bankruptcy. If the debtor is already bankrupt, submit your claim instantly for verification.
typically, debt recovery in Cyprus starts get more info with speaking to the debtor as a way to reach a mutual effective agreement for the payment from the fantastic amount of cash. This usually applies to small business-to-organization contracts exactly where creditors and firms deal with unpaid invoices.
Our firm has a verified background of effectively recovering B2B debts in Cyprus. We have helped a lot of companies regain their excellent resources, earnings despite the business enterprise region.
It maintains a provider-centric method, centered on Assembly the individual requirements of each shopper, despite exactly where They're on the globe. The talent of its people today produce the surroundings where by these values and goals with the firm are realised.
The duration of debt collection cases is usually afflicted by several variables, including the dispute's complexity, the court docket's program, as well as the debtor's response towards the declare.
Initially, intention to solve the debt situation outside the house the courtroom by sending a proper desire letter on the debtor. This letter ought to specify the owed amount and supply an affordable deadline for repayment.
If it is not possible to collect the debt by an amicable course of action, you've the option to initiate lawful proceedings. under, we demonstrate what both equally the extrajudicial and amicable phases entail in Cyprus.
deliver a polite reminder on your debtor, Carefully prompting them about their fiscal obligation. This reminder ought to:
regardless of whether collection businesses can be used, It's also probable to request legal assist, especially when dealing with essential quantities that need to be recovered.
Seized assets might be offered through community auctions, with proceeds utilized to fulfill the exceptional debts in accordance with legal priorities.
right before forwarding The problem to an authorized courtroom, there will be attempts to solve the debt collection in Cyprus via out-of-courtroom negotiations.
service fees and expenses: Administrative costs get started from €185 for initiating the collection course of action, with extra costs determined by scenario complexity.
A Section of our workforce of lawyers in Cyprus are accredited mediators who experience in mediation proceedings, we contain the know-how of what it's going to take to be a negotiator. We use these techniques to enhance our Cyprus debt collection method and supply the the best possible result for that customer.
therefore, the know-how of Specialist and professional debt collectors is required in order that the timely settlement of fantastic arrears from equally folks and corporations is achieved with no must vacation resort to litigation.