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If a debtor is insolvent, creditors may initiate bankruptcy proceedings, most likely resulting in the liquidation of property to satisfy debts. 

"Debitura aided us with debt Restoration Netherlands and offered Extraordinary provider. They have been successful, Specialist, and aided us collect what we have been owed."

Our key worry is to try to negotiate with every single debtor in order to keep away from court intervention. The method followed by our experienced collection crew, should be to Get hold of the debtors and persuade them to settle their exceptional total thanks by sending Formal notifications, demand from customers letters, email messages and thru telephone calls.

Debt collection in Cyprus does not have for being a sophisticated procedure. With Bierens by your aspect, we will let you defeat the language, cultural and legal discrepancies that arise when working with debt collection in Cyprus.

This letter includes a paragraph that in the event the debtor would not answer throughout the deadline then here authorized proceedings might be initiated by our staff of Cyprus legal professionals.

Every circumstance depends upon its possess facts; nevertheless, our experience displays that The key things are persistence and timing.

it ought to be pointed out which the court can enforce the freezing from the debtor’s checking account or simply to issue an purchase against any immovable property the debtor has.

In case the debtor doesn't have present courtroom circumstances or superb courtroom conclusions on debt collection, and He's actively engaged in business functions, then it can be a good idea to use the phase of amicable debt collection.

 In certain scenarios, creditors may well explore debt restructuring possibilities, letting debtors to repay in installments or underneath modified conditions.

we have to file your assert with among the five district courts around the island (in Nicosia, Limassol, Larnaca, Paphos, or Famagusta). We try this by getting ready a discover of default and sending it for the court.

each time a Invoice or invoice continues to be unpaid, the first step is to aim collection as a result of extrajudicial or amicable indicates. The extrajudicial phase involves all endeavours to collect the debt without involving the courts. In 9 out of 10 scenarios, This is often sufficient to Recuperate your money.

once the closing court docket judgment is sent and Should the debtor keeps refusing and/or failing and/or denying to comply with his economical obligations and the court docket judgment in opposition to him, we are able to carry on appropriately and use the following methods so as to execute the Court judgment towards him:

occasionally we consider it ideal to file an interim buy towards the debtor’s immovable residence or freeze his accounts. through the courtroom proceedings there is always a probability of settlement with no must Choose a Listening to.

for a creditor, we however have a solid leverage Device at our disposal In case your debtor seriously refuses to pay: a bankruptcy petition. In Cyprus it is possible to file for individual bankruptcy within your debtor if they don't shell out.

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