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The debt collection process in Cyprus is often divided into two levels. in the extrajudicial period, collection can take place with out Court intervention.

The chance for A prosperous Restoration depends on the character of one's debt collection case. We resolve ninety five% of all conditions with a contingency foundation.

Our primary problem is to try and negotiate with every single debtor as a way to steer clear of court intervention. The process accompanied by our expert collection staff, is to Call the debtors and encourage them to settle their remarkable quantity thanks by sending official notifications, demand from customers letters, emails and thru phone calls.

When to Escalate: Transition to judicial proceedings need to be regarded as when amicable initiatives fall short or statutory limits solution.

In theory, we usually start the debt collection process with the extrajudicial section. At this stage, we check out to stop courtroom intervention, as This may be costly. We are going to contact your debtor to desire payment.

When the debtor is unable to fork out, enforcement of the declare can be done by getting an enforcement purchase from your court. This permits the creditor to seize belongings or garnish wages to recover the debt.

If your debtor files a observe to look in courtroom, he ought to also file his defense towards the declare. additional, in accordance with the regulations, the courtroom sets a date for a court docket hearing at which the events present their arguments as well as court tends to make a ultimate final decision.

the failure of compact enterprises to pay for their invoices may also cause creditors desirable to debt collection processes in Cyprus.

 In specified situations, creditors might examine debt restructuring possibilities, permitting debtors to repay in installments or less than modified conditions.

Collection of receivables in Cyprus is completed by submitting a claim under the regular or substitute course of action (while in the absence of a major dispute to the details) and through a simplified technique.

in the event the debtor is a corporation our Cyprus debt collection procedure involves jogging a look for Along with the databases in the Registrar of firms to be able to locate the registered office handle of the business, the names and personal addresses of the administrators in get more info order for us to have the ability to set up Call.

obtaining fatigued all doable out-of-court docket lawful selections and pursuing the Recommendations of your shopper, We're going to then continue to challenge courtroom proceedings versus the debtor. dependant upon the conditions of every situation, it could be probable and appropriate to file an interim get against the debtor’s immovable assets or, even, freeze his financial institution accounts up until the amount owed for the creditor.

If you need help in chasing a debt, our Cypriot lawyers are at your disposal and will let you in the two the amicable and court proceedings.

These safeguards assure a scientific approach toward debt Restoration in Cyprus, hanging a harmony involving successful debt collection and protection of shopper rights from unjust collection procedures.

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