The court docket costs depend on the value of the claim as well as nation during which litigation will take spot. occasionally, the amount is mounted, nonetheless it can also count on litigation technique.
Collection of receivables in Cyprus is performed by submitting a declare under the regular or option procedure (in the absence of a big dispute within the specifics) and thru a simplified process.
firms avoid unpaid debts since it is inconvenient and puts their standing at risk. It adversely affects dollars circulation, holds up critical small business processes, and may weaken interactions with creditors and employees.
Your Leading companion for debt collection in Cyprus, Debt Kontrol LLC is dedicated to giving unparalleled services. As a leading debt collection company in Cyprus, we focus on thorough debt Restoration services, running overdue accounts using a deal with professionalism, empathy, and efficiency.
Other motorists for the very low political risks tend to be the weak control of corruption, the weak political balance index, and the large shadow financial state that is 32,2% of Cyprus's GDP.
Penalties adhere to Cyprus's Late Payment Directive, the place creditors can demand statutory desire and a fixed compensation sum of €forty for debt collection charges.
A Portion of our group of attorneys in Cyprus are accredited mediators who experience in mediation proceedings, we contain the know-how of what it requires to be a negotiator. We use these capabilities to reinforce our Cyprus debt collection course of action and provide the ideal consequence with the client.
at first, aim to take care of the debt difficulty exterior the court by sending a formal demand from customers letter into the debtor. This letter must specify the owed sum and supply an affordable deadline for repayment.
In case the debtor does not have recent courtroom circumstances or exceptional courtroom choices on debt collection, and He's actively engaged in professional functions, then it is actually highly recommended to make use of the stage of amicable debt collection.
Do you want to know more details on our debt collection solutions in Cyprus? Make contact with us for a free of charge consultation.
adaptability in payment phrases may also help in recovering dues while catering towards the debtor’s fiscal point out. To suggest a good strategy:
being a creditor, we continue to have a strong leverage Software at our disposal if your debtor genuinely refuses to pay for: a bankruptcy petition. In Cyprus it can be done to file for bankruptcy of your debtor if they don't pay.
right after five months of sending reminders and reminders myself, I have decided to outsource my firm's unpaid invoice into the collection company! immediately after only one demand from customers from them, my shopper finally paid out. A lesson for me to outsource unpaid invoices additional quickly to defaulters in the future.
Assembly and period: Creditors’ meeting in just seventy five times; liquidation method lasts among 3 to seven several years, simplified course of action just one check here to 2 yrs.