The Ultimate Guide To debt collection cyprus

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Our preference is to gather your assert with out courtroom intervention. hence, we usually begin a collection in the amicable phase. If this has no impact, then we continue with court motion. However, we normally accomplish that in consultation with you very first.

The simplified process is applicable to scenarios where, from the viewpoint on the court, the plaintiff has no genuine prospect of success in the case or perhaps the defendant has no actual prospect of successfully defending from the assert. Simplified decisions are created with out litigation.

You will find there's time limit inside of which creditors can legally pursue debt collection in Cyprus, typically 6 yrs through the date of default. 

Bierens is actually a very successful and Expert companion. not just do they have a very good debt collection treatment, In addition they give good tips

equipped resources can be wasted by the creditor to comply with up on in any other case irrecoverable debts due and at times, the creditor’s only option is to treat the debts as “undesirable”.

deliver a polite reminder for your debtor, Carefully prompting them regarding their financial obligation. This reminder ought to:

This can incorporate sending demand from customers letters, producing cell phone calls, or perhaps visiting the debtor in human being. Should the debt is uncontested and also the debtor is ready to pay out, This may be a quick and productive strategy to Recuperate the debt.

In this guide, we dig further into Each individual stage in the debt collection course of get more info action in Cyprus. We have now comprehensive remedies to offer, from obtaining amicable options to initiating bankruptcy proceedings. belief us for being by your aspect by means of it all.

lastly, in circumstances where the debtor is insolvent, insolvency proceedings may be initiated. This is a lawful process wherever the debtor’s property are liquidated and distributed among creditors.

In accordance with situation legislation, any quantities compensated for the legal professionals as A part of the debt collection in Cyprus (offered They can be reasonable) could be recovered as damages within the debtor As well as any from the amounts because of.

Extrajudicial debt collection, also recognized as amicable debt collection, could be the attempt to Recuperate the debt without the need of involving the court. It is the speediest and most productive way to ensure you get your money, so at Collection firm, we usually get started with an extrajudicial course of action.

expenses and charges: Administrative expenses commence from €185 for initiating the collection procedure, with added costs based on scenario complexity.

Although litigation is seen as A final vacation resort, our firm has a staff of seasoned legal professionals who are well-versed in debt collection, in the amicable phase to legal procedures.

By working intently with our clients, we aim to expedite the method and secure payment of the debt quickly or go after a judgement to Get well payment.

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