If a debtor is insolvent, creditors could initiate bankruptcy proceedings, probably resulting in the liquidation of belongings to satisfy debts.
Only the very best-doing agencies keep on being within our network, supplying you with entry to remarkable debt recovery companies in spite of where by your debtors are.
considering the fact that we perform with attorneys in Cyprus, we will conduct all interaction along with your debtor in Cypriot language. This increases the chances of payment even additional.
When to Escalate: Transition to judicial proceedings ought to be deemed when amicable attempts are unsuccessful or statutory restrictions solution.
The next step is to get ready and deliver a letter of declare on the debtor, contacting upon him to pay the debt in just a fixed time period, generally seven or ten days. read more In case the debtor refuses and/or fails and/or denies to comply with his economic obligations throughout the set, by us, timeframe, then We're going to seek to negotiate with him.
Cypriot debt collections may be effectuated not only In the country, but abroad, too. consequently, Though a debt was produced in Cyprus, if the debtor moved out of the region at a later on date, a courtroom action can be submitted then the debt repayment could be enforced from the debtor’s region of residence.
If the debtor really can’t meet up with their payment obligations, the courtroom declares them bankrupt. A trustee is then appointed to evaluate the belongings within your debtor and all creditors. The creditors are repaid just as much as you possibly can through the belongings.
In this particular manual, we dig further into Each and every phase of the debt collection approach in Cyprus. We have now detailed solutions to supply, from acquiring amicable options to initiating bankruptcy proceedings. Trust us being by your facet via all of it.
“Bierens is really a remarkably effective and Qualified husband or wife. Not only have they got a superb debt collection process, In addition they give solid tips.”
We will normally offer you details in advance regarding the likelihood of results within your debt recovery make a difference. We may even tell you upfront concerning the possible expenditures, and we only proceed with the authorization.
the common time for casual out-of-courtroom collection is nearly sixty days (apart from in situations exactly where an installment prepare for debt repayment has been agreed upon).
once the ultimate Court judgment is shipped and When the debtor keeps refusing and/or failing and/or denying to adjust to his economical obligations plus the courtroom judgment from him, we can move forward appropriately and use the subsequent procedures to be able to execute the court docket judgment versus him:
The choose will analyze all submitted proof. Then, a hearing will likely be scheduled. in the course of the Listening to, both equally the creditor and the defendant have the chance to substantiate their arguments. both of those get-togethers can ask for the decide to summon witnesses. finally, the choose will render a choice.
most often, debt Restoration in Cyprus starts off with making contact with the debtor in an effort to access a mutual valuable agreement for the payment of the fantastic amount of cash. This generally relates to enterprise-to-business enterprise contracts wherever creditors and companies cope with unpaid invoices.