businesses prevent unpaid debts since it is inconvenient and places their standing at risk. It adversely influences funds movement, retains up vital business procedures, and should weaken relationships with creditors and staff members.
Debt collection in Cyprus usually starts inside the extrajudicial period wherever we deliver your debtor custom-made desire letters and contact them by mobile phone. If the debtor disputes the assert or fails to reply, then we are able to proceed by taking lawful action in consultation with you.
This permits us to adhere to a versatile and shopper centered strategy as A part of our debt collecting tactic.
it does not matter the situation, it is best to 1st attain an arrangement Together with the debtor right before getting any further more steps. This can be why, there are two methods by which debt recovery can happen in Cyprus.
If the amicable strategy fails, escalate the make a difference by way of lawful proceedings to acquire a courtroom judgment, important for debt enforcement.
shopper safety: Cyprus legislation protects customers in debt collection, ensuring honest and transparent procedures.
After 5 months of sending reminders and reminders myself, I have chose to outsource my firm's unpaid invoice to the collection firm! right after only one demand from customers from them, my purchaser ultimately paid. A lesson for me to outsource unpaid invoices more quickly to defaulters Down the road.
The last scenario state of affairs is in the event the negotiations are unsuccessful and there's no other alternative than to move on with initiating court docket proceedings from the debtor.
How will you gather the fantastic debts? Which law applies? In Cyprus, your situation is further challenging for the reason that get more info a Portion of the island is underneath the Charge of Turkey and a unique lawful technique is de facto applied.
Considering that if reaching court proceedings, a choose can dispose for your thanks amounts to generally be withheld straight from the debtor’s bank account, achieving an amicable settlement is frequently the picked route.
Our experts and legal professionals usually do their utmost to be sure to collect your declare as speedy and proficiently as is possible. We always make sure to Present you with trustworthy and practical suggestions that could supply you the most beneficial results.
throughout the extrajudicial stage, we perform depending on a contingency cost. Meaning our charge is right proportional to the amount we Get well. We also goal to Get well the desire and collection expenditures out of your debtor just as much as you possibly can to be able To optimize your gains.
Supreme court docket: on the apex in the court docket hierarchy stands the Supreme Court of Cyprus. It features as each an appellate court for decrease court conclusions in addition to a court of to start with instance for constitutional and administrative law scenarios. This court ensures the uniform software and interpretation of regulation during Cyprus.
as being a creditor, we nevertheless have a strong leverage Device at our disposal In case your debtor truly refuses to pay: a individual bankruptcy petition. In Cyprus it can be done to file for bankruptcy of the debtor if they don't pay.