A Simple Key For cyprus law firm Unveiled

we offer debt recovery and lousy debt Restoration methods to our consumers to the Restoration in their income and belongings. Our skilled workforce of specialists can support With all the recovery on the debt due, the curiosity together with damages and costs incurred.

Our law here firm specialises in managing both equally professional and personal debts, and understands the value of protecting an experienced method in debt collection to protect the relationship concerning our purchasers as well as their debtors.

In summary, debt collection in Cyprus can be a fancy course of action, but with a transparent idea of the lawful technique plus the methods concerned, creditors can effectively Get better unpaid debts.

prior to initiating legal action, you ought to concentrate into the statute of limitations. The statute of restrictions law sets 6 several years for bringing promises from your day the debt arose. it ought to be borne in your mind which the courtroom has the ideal to extend this era to 2 yrs if it considers it affordable given the situation of the situation.

We also know that the Coronavirus could have produced a back again log of debts, some of that happen to be real circumstances of incapability to pay for, although A few other cases relate to strategic conduct because of the Debtors not to pay for their debts.

there are several forbidden techniques inside the Cypriot debt collection technique for your debt collector or attorney to make use of in his attempt to determine a debtor to pay its dues.

The debt collection method in Cyprus begins with the evaluation from the debtor’s solvency, his industry of activity, the heritage of your business, the availability of documentary evidence from the debt, latest courtroom conditions and enforcement treatments, in addition to the potential for difficult the debt.

In case your debtor in Cyprus persistently refuses to pay, there is not any selection but to initiate lawful proceedings. How This is often completed in Cyprus will depend on the level of the declare.

lastly, in cases exactly where the debtor is insolvent, insolvency proceedings may be initiated. this is the lawful procedure where the debtor’s assets are liquidated and dispersed between creditors.

we have to file your claim with one of the five district courts on the island (in Nicosia, Limassol, Larnaca, Paphos, or Famagusta). We do this by preparing a recognize of default and sending it for the court docket.

Extrajudicial debt collection, also recognized as amicable debt collection, could be the make an effort to Get better the debt with no involving the court docket. It is the fastest and most efficient way to ensure you obtain your cash, so at Collection firm, we generally begin with an extrajudicial process.

following the final courtroom judgment is delivered and Should the debtor retains refusing and/or failing and/or denying to comply with his economic obligations and the courtroom judgment versus him, we can easily move forward accordingly and use the subsequent processes so that you can execute the courtroom judgment versus him:

After determining the issue and, consequently, advising the customer as to the best way attainable to more forward along with the treatments concerned, beneath the offered situations, we will then seek out to find out just as much as possible about the debtor and his money believability.

Anastasios specialises in company legislation issues, insurance coverage legislation and debt collection. Also he has large understanding in e-funds and payment companies legislation.