cyprus law firm Fundamentals Explained

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The debt collection procedure in Cyprus read more may be divided into two stages. throughout the extrajudicial stage, collection usually takes location without courtroom intervention.

Our legislation firm specialises in dealing with both industrial and personal debts, and understands the importance of maintaining a professional technique in debt collection to protect the connection between our clientele and their debtors.

Formal discover: Issue a proper recognize letter, outlining the debt and the consequences of non-payment.Our community vetted collectors take care of this section, ensuring cultural and legal appropriateness. appreciate our "No treatment, No pay back" pricing model, indicating You merely shell out In case the debt is effectively recovered.

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Ultimately, it truly is up to you no matter whether you need to commence with authorized action. If you do, our international debt collection specialist will focus on with you the authorized alternatives readily available and just what the legal system will entail.

This method is applied to determine contact with the debtor. We locate the approach of softly speaking that has a debtor very first to get quite efficient for debt collection in Cyprus. There are plenty of instances wherever debtors, the moment they understand that their case has long been assigned to debt collectors in Cyprus, especially if they are lawyers, will consider the matter should be settled.

The letter sent on the Debtor is ready by our staff of legal professionals in Cyprus who have to have the debtor to pay for inside of (usually) ten times. The letter is possibly served to the debtor by way of a courtroom officer or despatched by fax, put up or email.

Our attorneys have considerable practical experience symbolizing banks and various money establishments in debt Restoration matters, making certain the productive enforcement of their rights and also the Restoration of outstanding debts.

last but not least, in situations wherever the debtor is insolvent, insolvency proceedings could be initiated. this is the authorized procedure the place the debtor’s property are liquidated and distributed between creditors.

If we do not collect, Then you really spend no payment. If you decide to consider lawful motion in opposition to your debtor, then we shift to an hourly or preset payment. We would not have any concealed charges and will usually consult you just before continuing with any type of authorized action.

This implies obtaining out just as much as is possible with regards to the debtor and about his fiscal status. Then, our attorneys in Cyprus will write a letter of declare and deliver it into the debtor, summoning him or her to acquit the debt in a specific time-frame, normally of seven to ten times.

If pressured execution will not cause positive benefits, if there are signs of individual bankruptcy (the debtor is unable to repay the debt, has committed an act of individual bankruptcy, and so on.) and offered that the amount of the debt is a minimum of 15,000 euros, then it really is advisable to initiate personal bankruptcy proceedings.

The decide will examine all submitted evidence. Then, a hearing will likely be scheduled. in the course of the hearing, both of those the creditor as well as defendant have the opportunity to substantiate their arguments. both equally functions can ask for the judge to summon witnesses. eventually, the choose will render a choice.

Court proceedings are frequently the final resort In terms of debt collection in Cyprus, plus they come about when no other Resolution is remaining.

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