Debt collection can demand for 2 phases, the primary one getting "soft collection" and that is the outside of court docket endeavor because of the firm to gather the client's debt on a "no collection no fee" foundation and the second stage which requires courtroom proceedings along with the usage from the firm of all signifies supplied by the law to the Restoration of a debt.
SCORDIS, PAPAPETROU & Co LLC is a dynamic and main law firm in Cyprus whose roots day from 1922. Today it's got over 30 specialised lawyers and is particularly renowned for its powerful Global corporate and dispute resolution observe and skills.
Furthermore our legislation Firm is able to bring an motion right before any court if the instances call for it.
No matter the problem, it is best to initially attain an agreement Along with the debtor before getting any even further steps. This really is why, there are two strategies by which debt Restoration can happen in Cyprus.
the following phase is to arrange and send a letter of claim on the debtor, calling upon him to pay the debt within a mounted time period, typically 7 or 10 times. 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 are going to request to negotiate with him.
In some cases, recovering your payment by deploying extensive measures might not be the most fitted course of action. We understand that with specified prospects, it is necessary for the organisation to maintain a lengthy-term romance.
Application to look at the fiscal problem with the Debtor making use of to the courtroom and requesting the examination in the debtor’s economic condition and demanding the debtor to pay into the creditor an installment every month.
This phase includes Energetic negotiations With all the debtor to achieve an agreement to pay the creditor’s statements or other doable settlement solutions (by way of example, return of goods, transfer of debt into a 3rd party, exchange of services or merchandise).
In case your debtor would not pay out the exceptional assert, then you will end up charged the basic charge ranging from €185. Using these charges, we go over the executive costs, report and investigation. Your read more debtor will probably be approached in created communication and phone through cellular phone by a local expert.
In accordance with situation legislation, any amounts paid out to your lawyers as Section of the debt collection in Cyprus (furnished They are really sensible) can be recovered as damages within the debtor in addition to any from the quantities thanks.
The amicable route delivers numerous pros for all functions included. Creditors circumvent the significant expenses related to authorized proceedings and at the same time maintain priceless small business interactions, because of the approach’s cordial character.
We are often dedicated to delivering a top quality of consumer care and legal company throughout all our apply places.
Cyprus’ economy is designed of varied forms of businesses As outlined by their measurement, and also of differing types of individuals. This is often why when working with debt Restoration, the main aspect to think about is the kind of buyer which has failed to fulfill his/her economical obligations and then decide on the tactic to Recuperate the excellent amount of money.
generally, debt Restoration in Cyprus starts with speaking to the debtor to be able to attain a mutual valuable settlement for your payment on the excellent sum of money. This usually applies to organization-to-business contracts where creditors and corporations deal with unpaid invoices.