If a debtor is insolvent, creditors could initiate personal bankruptcy proceedings, most likely leading to the liquidation of belongings to satisfy debts. 

The simplified process is applicable to conditions wherein, while in the impression on the court docket, the plaintiff has no actual prospect of achievement in the case or maybe the defendant has no real prospect of properly defending against the claim. Simplified decisions are created with out litigation.

due to the fact we work read more with legal professionals in Cyprus, we are able to perform all conversation using your debtor in Cypriot language. This raises the chances of payment even additional.

Garnishee proceedings These proceedings goal at discovering out whether or not there is income inside a bank account (or no matter whether you can find amounts due to debtor by third parties) and requesting that All those amount are compensated directly to the Creditor to extinguish the debt.

In basic principle, we normally begin the debt collection procedure Together with the extrajudicial period. At this stage, we check out to forestall Court intervention, as This may be pricey. We will Speak to your debtor to demand from customers payment.

We typically meet up with the consumer/creditor in particular person or often by way of Talking by using phone or on the internet via email messages or skype.

In case your debtor definitely can’t meet up with their payment obligations, the court declares them bankrupt. A trustee is then appointed to evaluate the property of your respective debtor and all creditors. The creditors are repaid as much as feasible through the property.

This structured solution throughout the Cypriot civil court docket system makes sure that legal matters are taken care of with performance and precision, supplying a strong framework for that adjudication of disputes, like Individuals pertaining to debt collection.

After getting a ultimate court choice, In case the debtor refuses to voluntarily comply with the court docket determination, a writ of execution should be received and introduced to the bailiff for execution.

We tactic debt collection professionally and guide the purchasers in all phases on the debt Restoration technique. Our achievements amount is extremely higher as We've got as much as this day initiated the process against more than 2000 debtors.

preparing is paramount inside the debt collection course of action in Cyprus. To you should definitely're on solid floor, scrutinize contractual agreements for very clear, enforceable conditions which were adequately communicated in your debtor. This includes:

Specialising in debt collection we Blend professionalism and extensive practical experience with the lawful course of action which has a professional and functional method of debt collection.

In situations exactly where the debtor has no property for seizure, take into account filing for individual bankruptcy. In case the debtor is already bankrupt, submit your claim immediately for verification.

A subpoena for confiscation and sale in the surety’s movable property is often emitted. The surety’s movable home need to be Component of general public auctions.