submitting an Appearance The debtor has ten times to file an physical appearance. there are numerous conditions during this Component of the debt collection approach in Cyprus the debtor will never file an overall look.

SCORDIS, PAPAPETROU & Co LLC can be a dynamic and foremost law firm in Cyprus whose roots day from 1922. now it's over 30 specialised lawyers and is also renowned for its solid Worldwide corporate and dispute resolution follow and know-how.

This enables us to abide by a flexible and consumer centered tactic as part of our debt gathering system.

Garnishee proceedings These proceedings goal at discovering out no matter whether There may be cash in a banking account (or regardless of whether you can find quantities due to the debtor by 3rd get-togethers) and requesting that All those sum are paid on to the Creditor to extinguish the debt.

The amicable route features quite a few advantages for all functions involved. Creditors circumvent the significant expenses connected with authorized proceedings and simultaneously preserve a must have company relationships, due to the course of action’s cordial nature.

it's important to mention, at this stage, that over the courtroom proceedings, there is often a likelihood of settlement, without the want to succeed in the ultimate court docket phase, specifically the hearing of the situation.

The letter sent to your Debtor is prepared by our crew of legal professionals in Cyprus who require the debtor to pay inside (commonly) ten times. The letter is both served to your debtor by way of a court docket officer or sent by fax, write-up or electronic mail.

In case the debtor doesn't have recent court docket instances or exceptional courtroom decisions on debt collection, and He's actively engaged in commercial routines, then it can be highly recommended to utilize the phase of amicable debt collection.

How will you collect the fantastic debts? Which legislation applies? In Cyprus, your situation is more challenging mainly because a Component of the island is underneath the control of Turkey and a special legal technique is de facto applied.

nonetheless, If your debtor is unwilling or not able to pay back, another phase is to continue lawfully like a creditor. In Cyprus, a permit is not necessary to perform debt collection pursuits, but it is vital to be familiar with the authorized treatments and constraints.

In the hugely unlikely function that we don't collect anything, you will check here not should pay out us any charges. you'll find a complete overview of our charges on our expenses page.

ought to the negotiations are unsuccessful and there is no other option We're going to transfer ahead with issuing courtroom proceedings. that may be provided that we sense that there is a Excellent chance of accomplishment in courtroom and success in collecting the debt.

The court docket fees count on the value in the assert along with the nation by which litigation can take put. In some cases, the quantity is preset, nevertheless, Furthermore, it is determined by litigation process. Additionally, our own legal costs are provided in addition.

Cyprus Civil technique legislation: Governs the filing of lawsuits, assistance of writs, along with the judicial method for debt collection, establishing the groundwork for authorized actions from debtors.