Debt collection can involve for two phases, the first a person being "comfortable collection" and that is the from court attempt via the firm to gather the client's debt with a "no collection no charge" foundation and the 2nd stage which requires court proceedings as well as the use via the firm of all suggests provided by the law to the recovery of the debt.

the worldwide economic disaster couldn't but have prolonged to Cyprus and economical transactions going down in Cyprus. Liquidity staying a extreme problem, it really is in recent times paramount for firms to gather what they are owed for goods or services offered.

During this information, we dig further into Just about every phase from the debt collection method in Cyprus. Now we have thorough answers to provide, from getting amicable remedies to initiating bankruptcy proceedings. belief us to become by your side by all of it.

The authorized collection stage frequently will involve acquisition of the enforceable courtroom buy. This commonly mandates authorized illustration by means of a local legal professional in Cyprus, and the costs range based upon the complexity of the situation and the debtor's reaction.

even though collection businesses can be utilized, Additionally it is attainable to ask for authorized support, especially when dealing with vital amounts that need to be recovered.

we have been fired up to announce that our legislation firm has merged with Haviaras & Philippou L.L.C., a respected law firm aiming to provide the shoppers of equally firms underneath the name of Haviaras & Philippou L.L.C.

right after 5 months of sending reminders and reminders myself, I have chose to outsource my company's unpaid Bill for the collection firm! following only one desire from them, my client finally paid. A lesson for me to outsource unpaid invoices extra promptly to defaulters Later on.

the final case circumstance is if the negotiations fall short and there is no other solution than to move on with initiating court docket proceedings towards the debtor.

on the other hand, on condition that legal professionals Use a reputable purpose to learn, all information and facts from the debtor, and particularly all details which is publicly accessible (for example if they are attained the Registrar of corporations in Cyprus) can be employed from the attorneys.

inside the event of the undisputed declare concerning two parties based in EU Member States (other than Denmark), it is feasible to start European buy for Payment proceedings. The lawyer managing your circumstance can evaluate no matter whether this type of course of action is suitable with your circumstance.

 Creditors typically deliver desire letters to debtors with the assistance of our Cypriot debt collection lawyers, outlining the amount owed, payment conditions, and the results of non-payment.

We acquire the go ahead in the customer prior to continuing on any basis of settlement. The customer will recommend us beforehand within the proposed time-frames of settlement on the sums due at the same time as whether or not they will accept any discounts to the quantities owed, whether or not they can even request desire or debt collection charges.

The debt collection procedure is more info often advanced and overwhelming for all those new to it. Our group of experts is listed here that may help you have an understanding of the procedure and navigate it effortlessly. Get absolutely free expert suggestions on your own unique case, provided by our staff of seasoned gurus.

These safeguards make sure a scientific strategy in direction of debt Restoration in Cyprus, placing a stability amongst productive debt collection and security of buyer rights from unjust collection methods.