businesses stay away from unpaid debts since it is inconvenient and places their track record at risk. It adversely impacts funds movement, holds up essential company procedures, and should weaken relationships with creditors and staff.
SCORDIS, PAPAPETROU & Co LLC is actually a dynamic and leading law firm in Cyprus whose roots day from 1922. now it's a lot more than 30 specialized lawyers and is also renowned for its strong Worldwide corporate and dispute resolution follow and expertise.
In this particular guidebook, we dig deeper into Every single stage of your debt collection system in Cyprus. We've comprehensive options to supply, from obtaining amicable alternatives to initiating personal bankruptcy proceedings. believe in us to become by your facet by means of everything.
right before initiating legal action, you must listen into the statute of limits. The statute of limitations legislation sets 6 many years for bringing claims from the day the debt arose. It should be borne in mind which the courtroom has here the appropriate to extend this era to 2 yrs if it considers it reasonable provided the conditions of the situation.
on the other hand, occasionally, it is sensible to seek lawful guidance from a lawyer, particularly when the stakes are high. that is certainly why Collection business collaborates with top attorneys in Cyprus.
buyer Protection: Cyprus legislation safeguards consumers in debt collection, guaranteeing reasonable and transparent practices.
beginning a debt collection in Cyprus is quick and simple. you could upload your declare by way of our on the net transfer variety. All you should do is enter some information on the organisation, your debtor’s enterprise and relevant documentation or invoices. you may then upload your situation by way of a secure network here.
The collection agencies and legislation firms in Cyprus may also guide the creditors during the trials from the debtors.
the issue of late or even non payment has reached Cyprus not simply on a neighborhood business enterprise stage but also to the transactions of overseas nationals by way of Cyprus companies.
The duration of legal proceedings in Cyprus is dependent upon the complexity of the case and ON irrespective of whether your debtor raises a defence.
With our in-dwelling debt collection Restoration tactics, we can offer our consumers with precise and worthwhile aid or advice. We divide debt collection into two big phases: extrajudicial debt collection and judicial debt collection.
The court docket sends a summons to your debtor. This is certainly an Formal phone to look prior to the court docket. Your debtor has the opportunity to file a protection in opposition to the claim in just fourteen days. As a creditor, you then have 7 days to reply.
Supreme courtroom: in the apex from the court docket hierarchy stands the Supreme court docket of Cyprus. It features as both of those an appellate courtroom for decreased courtroom decisions plus a court docket of 1st instance for constitutional and administrative legislation conditions. This courtroom makes sure the uniform application and interpretation of regulation during Cyprus.
having said that, even In this instance, There exists a prospect of achieving a settlement through which the debtor will commit to paying out the due amount of cash.