inside the Cypriot legal framework, debtors reserve the correct to contest the bankruptcy petition laid from them. They might offer you evidence to dispute the insolvency claim or propose a practical settlement to avoid individual bankruptcy.

Our debt collection course of action aims accurately at combating strategic responses of debtors in not paying out the things they owe although in circumstances wherever the debtor is genuinely not able to pay, we provide a flexible strategy according to the wishes in the client.

the entire process of debt collection in Cyprus can commonly be divided into two main phases: amicable and judicial. Amicable debt collection concentrates on resolving the debt problem by way of negotiations and agreements devoid of court docket intervention.

in advance of initiating lawful action, you must pay attention into the statute of limitations. The statute of constraints law sets six years for bringing statements through the date the debt arose. it ought to be borne in mind the court has the ideal to extend this period to 2 a long time if it considers it affordable offered the situations of the situation.

This method is made use of to determine contact with the debtor. We find the solution of softly communicating with a debtor initially to get pretty effective for debt collection in Cyprus. There are plenty of instances where by debtors, as soon as they recognize that their situation has been assigned to read more debt collectors in Cyprus, particularly when they're attorneys, will think about which the issue need to be settled.

Our desire is to gather your claim without courtroom intervention. Therefore, we always start a collection within the amicable period. If this has no outcome, then We are going to examine your judicial options along with you. We will never intiate courtroom proceedings without your explicit consent.

submitting a lawsuit in opposition to the debtor would be the ultimate stage inside our Cyprus debt collection process ahead of initiating execution in the judgement to the quantities due.

constraints on Enforcement Practices: Debt collection methods for example asset seizure or garnishee orders demand a court judgment, offering debtors judicial scrutiny of collection initiatives.

a positive verdict enables the creditor to initiate enforcement steps to Get better the debt. alternatives consist of asset seizure, implementing for any garnishee get, or launching personal bankruptcy proceedings against the debtor if needed.

We use cookies to make certain that we give you the greatest expertise on our website. for those who proceed to utilize This website we will think that you'll be happy with it.OkNoPrivacy policy

overall flexibility in payment conditions may also help in recovering dues whilst catering to the debtor’s financial point out. To suggest a fair plan:

in the event all attempts to conclude the debt collection in Cyprus by way of negotiation will not provide the results We're going to then commence with another step which can be to deliver a letter of demand from customers on behalf of our clientele.

smooth interaction will contain an First contact for the debtor so as to assess his willingness to settle the case. make sure you Take note that we comply with Directions from our customers prior to settling any circumstance.

Claim Disputes: Insolvency practitioners can settle for or dispute statements; unresolved disputes demand court docket intervention.