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You will find there's cut-off date in which creditors can lawfully go after debt collection in Cyprus, commonly 6 yrs from the day of default.
Whilst Cyprus is formally just one country, the country is administratively divided in two. The northern part of the island has become occupied by Turkey given that 1974.
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it's important to mention, at this get more info time, that throughout the courtroom proceedings, there is often a likelihood of settlement, with no require to reach the ultimate courtroom stage, particularly the Listening to of the situation.
For uncontested promises, You will find there's summary judicial procedure obtainable, and that is a faster plus much more Price-powerful option than a total trial. this method is utilized for promises that aren't disputed via the debtor, and can incorporate a courtroom buy for payment or even the attachment of assets.
irrespective of whether you end up picking to consult us in both the extrajudicial or judicial debt collection levels in Cyprus or overseas, our Place of work is ready To help you.
How can you obtain the excellent debts? Which law applies? In Cyprus, your situation is even further challenging since a Section of the island is beneath the Charge of Turkey and a different authorized system is de facto applied.
Regardless of the emphasis on amicable resolution, conditions may possibly arise where transitioning to legal action gets unavoidable. Indications for this transition incorporate persistent non-communication, habitual breach of repayment agreements, or intentional dodging by the debtor.
while in the hugely unlikely occasion that we do not gather something, you won't should pay out us any expenses. You can find an entire overview of our fees on our service fees web page.
acquiring fatigued all attainable out-of-courtroom authorized options and adhering to the Guidance of the consumer, We'll then proceed to challenge courtroom proceedings towards the debtor. dependant upon the conditions of each and every circumstance, it may be doable and proper to file an interim buy against the debtor’s immovable assets or, even, freeze his lender accounts up until eventually the amount owed to the creditor.
When coping with debt collection in Cyprus, you may depend on Bierens. although our gurus locate the solution you need, you may resume business enterprise as standard. We will help you with the next cases:
Issuing courtroom proceedings is the final scenario situation, on condition that another out-of-Court achievable alternative has long been fatigued. But, if a debtor isn't ready to settle his debt and, for that reason, adjust to his economical obligations to the creditor, then the judicial route of initiating Court proceedings versus him is the sole visible Answer.