corporations stay away from unpaid debts because it is inconvenient and places their track record at risk. It adversely affects cash stream, holds up crucial business processes, and may weaken associations with creditors and staff.
The global economic crisis couldn't but have prolonged to Cyprus and money transactions going down in Cyprus. Liquidity currently being a severe dilemma, it is nowadays paramount for businesses to collect whatever they are owed for merchandise or providers delivered.
We'll always Get in touch with your debtor by sending an Original demand from customers letter plus a mobile phone call. in this manner we keep away from any method of miscommunication. Our method is always firm and respectful, so you will almost always be informed of your position within your situation.
many of the situations are solved throughout the extrajudicial collection phase, having said that, from the occasion in which a debtor neglects to pay for, the situation is handed about on the lawful Section as well as assigned lawyer will attempt to steer the debtor to pay for amicably in just a specified timeframe agreed Along with the client.
The authorized collection phase usually entails acquisition of the enforceable court docket purchase. This ordinarily mandates legal representation through a neighborhood legal professional in Cyprus, and The prices differ according to the complexity of the situation as well as the debtor's reaction.
If you need assistance in the debt collection in Cyprus, we invite you to Get in touch with our Cypriot law firm.
Debt collection in Cyprus often starts inside the extrajudicial period exactly where we send out your debtor customised demand from customers letters and call them by mobile phone. In the event your debtor disputes the claim or fails to reply, then we can carry on by getting lawful action in consultation with you.
regardless of whether you decide on to refer to us in both the extrajudicial or judicial debt collection stages in Cyprus or abroad, our Workplace is All set To help you.
In certain situations, creditors may perhaps check out debt restructuring possibilities, enabling debtors to repay in installments or underneath modified terms.
If the debtor is not conscious of the letter We are going to search for to barter with him on the telephone. quite a few debtors will decide to settle the debt at this early stage and negotiate a payment approach.
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you will find selected strengths to operate with legislation firms In regards to debt collection in Cyprus, get more info as these can:
we offer detailed tips on creditors’ legal rights and secured transactions, encouraging clientele enforce their legal rights and secure their pursuits in situations of debtor default.
prior to forwarding The difficulty to a licensed courtroom, there'll be attempts to resolve the debt collection in Cyprus by out-of-court negotiations.