A Simple Key For cyprus law firm Unveiled

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Bankruptcy These goal at leading to the debtor to be bankrupt. This action has significant negative results about the debtor such as the prohibition to individual checks or grow to be director in companies.

We assure you that our firm's mission and Main values will continue to be unchanged and that we will keep on to supply the identical higher standard of company and dedication to our clients that We've got generally presented.

This allows us to comply with a flexible and consumer centered tactic as Component of our debt amassing approach.

Despite the fact that Cyprus is formally just one country, the nation is administratively divided in two. The northern Element of the island continues to be occupied by Turkey considering the fact that 1974.

Even if collection businesses can be used, it is also attainable to request legal support, specially when addressing crucial quantities that should be recovered.

The procedure for submitting a statement of declare is carried out by registering a claim in court, after which the defendant is obliged to deliver a see of overall look within 10 days. If such detect just isn't given, the creditor may perhaps question the courtroom to situation a choice in connection with the unregistered physical appearance of the debtor.

For uncontested claims, There exists a summary judicial procedure out there, which can be a quicker plus more Price-helpful choice than the usual comprehensive trial. this method is employed for promises that aren't disputed via the debtor, and may involve a court docket purchase for payment or perhaps the attachment of property.

This stage requires Energetic negotiations While using the debtor to achieve an settlement to pay the creditor’s claims or other doable settlement possibilities (for instance, return of goods, transfer of debt to the third party, exchange of companies or goods).

the challenge of late or perhaps non payment has attained Cyprus not merely on a neighborhood organization level but also on the transactions of international nationals by Cyprus companies.

Collection of receivables in Cyprus is carried out by filing a claim under the standard or different procedure (from the absence of a big dispute over the information) and through a simplified treatment.

in the event the decide can make a ruling, the legal fees on the winning bash are usually awarded into the dropping get together. These expenses can be gathered along with the first debt, for example as a result of seizure of property.

In this kind of case we are able to apply for a judgement for failure with the debtor to file an overall look. normally judgement is issued inside of two-three months with the day the lawsuit is submitted.

Cyprus’ economy is designed of assorted varieties of businesses In keeping with their size, and also of differing kinds of people. This is often why when handling debt recovery, the primary more info element to look at is the type of shopper that has didn't meet up with his/her financial obligations and then choose the tactic to Recuperate the fantastic amount of cash.

for a creditor, we nonetheless have a solid leverage Software at our disposal if your debtor truly refuses to pay: a individual bankruptcy petition. In Cyprus it is achievable to file for personal bankruptcy of the debtor if they don't pay out.

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