If a debtor is insolvent, creditors may possibly initiate individual bankruptcy proceedings, perhaps bringing about the liquidation of assets to fulfill debts.
the possibility for A prosperous recovery is dependent upon the nature of your respective debt collection case. We address ninety five% of all cases on the contingency basis.
We are going to constantly Speak to your debtor by sending an Preliminary need letter plus a cellular phone get in touch with. in this manner we prevent any type of miscommunication. Our tactic is usually firm and respectful, and you will always be knowledgeable in the status of the case.
Garnishee proceedings These proceedings intention at obtaining out no matter if There's dollars inside of a banking account (or regardless of whether you will find quantities due to the debtor by third events) and requesting that read more Those people total are paid out straight to the Creditor to extinguish the debt.
We also know that the Coronavirus could have made a back again log of debts, a few of which might be real situations of lack of ability to pay, whilst Several other cases relate to strategic behaviour from the Debtors not to pay their debts.
This is because of the following authorized proceedings which can take place which work as a disincentive for them to stall the debt collection course of action far more.
submitting a lawsuit against the debtor is the ultimate stage in our Cyprus debt collection method prior to initiating execution in the judgement for that amounts owing.
This structured technique within the Cypriot civil court system makes certain that legal matters are handled with performance and precision, offering a sturdy framework for the adjudication of disputes, together with those pertaining to debt collection.
How are you going to collect the superb debts? Which regulation applies? In Cyprus, the situation is additional intricate since a part of the island is underneath the Charge of Turkey and a special authorized process is de facto used.
In accordance with case legislation, any quantities paid towards the legal professionals as Portion of the debt collection in Cyprus (delivered These are reasonable) is usually recovered as damages in the debtor in addition to any of your quantities owing.
The Civil technique regulations provide for the potential of employing the ecu Payment buy technique, that is applicable to instances of undisputed monetary claims between parties from European Union international locations (excluding Denmark). To obtain a eu payment purchase, you have to complete an ordinary software type and post it towards the court docket. The court accepts the payment get in shut session and sends it to your debtor, and then the debtor has thirty times to file its objections Together with the court.
Specialising in debt collection we Blend professionalism and considerable knowledge of your legal system which has a business and functional method of debt collection.
substitute dispute resolution strategies like mediation and arbitration may very well be explored ahead of resorting to lawful proceedings. You can get these debt Restoration expert services in Cyprus from our lawyers.
Our local Lawyers will help you in navigating the advanced individual bankruptcy process, guaranteeing your assert is filed appropriately and promptly.