not surprisingly, nobody really wants to go bankrupt. Our encounter would be that the debtor quickly finds a means to spend when a individual bankruptcy petition is submitted.
If a loading order more than the immovable assets of the debtor continues to be recorded Together with the Land Registry, a sale of it might be requested if it’s important to address the debtor’s dues.
In summary, debt collection in Cyprus might be a complex procedure, but with a transparent knowledge of the legal procedure along with the methods concerned, creditors can effectively recover unpaid debts.
To enforce payment with the dues, the debtor needs to be judged by a certified courtroom. A cost have to be paid out for issuing the case on the courtroom. The value of it is actually regulated by the business Registrar in accordance with the courtroom rules.
although collection organizations may be used, It's also attainable to ask for legal help, specially when dealing with crucial quantities that have to be recovered.
We cooperate having a network of Skilled and trustworthy legislation Firms in every one of these parts to the judicial debt collections.
In case the debtor is usually a natural particular person we will require the client to deliver us with any info that website they have on the whereabouts of your debtor so as to aid us While using the debt collection system. In Cyprus, legal professionals can acquire all data relating to debtors as well as start line is definitely the client.
This process features sending a payment reminder on our behalf. most often, This is certainly adequate to implement payment on the excellent total.
Antonis Paschalides & Co LLC regulation firm has actually been our external counsels for our small business action in Cyprus for the final 5 many years. We consult them on many different tasks (corporate matters, Competitiveness regulation, work regulation problems, advertising law, intellectual house law etc).
Given that if achieving court docket proceedings, a decide can dispose for your because of quantities being withheld directly from the debtor’s checking account, achieving an amicable arrangement is often the chosen path.
during the really unlikely celebration that we do not collect nearly anything, you won't should shell out us any service fees. you will find an entire overview of our expenses on our service fees page.
In case you have any concerns or need help pertaining to debt collection inside the Republic of Cyprus, our firm is ready to give our professional guidance to efficiently resolve your economic challenge. remember to Get hold of us to receive added information and facts and Experienced help from our experts.
The decide will research all submitted evidence. Then, a Listening to is going to be scheduled. over the hearing, equally the creditor as well as the defendant have the chance to substantiate their arguments. equally events can ask for the decide to summon witnesses. finally, the choose will render a call.
By working closely with our clients, we goal to expedite the procedure and secure payment in the debt straight away or pursue a judgement to Recuperate payment.