CREDIT COLLECTION IN CYPRUS

  • Presence and operations in Cyprus for over 5 years with a staff of 5 collaborators in Nicosia

  • The out-of-court credit collection strategy always begins by sending a notice to comply drafted by a local lawyer

  • The possibility of issuing an order for payment

  • Cypriot legal system very efficient

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Do you have any outstanding credit collection in Cyprus? Rely on Invenium!

The out-of-court credit collection procedure in Cyprus begins with a notice of complying letter. It is written by a local lawyer and intimates a requesting payment within 10 days.

If the out-of-court credit collection procedure is unsuccessful, a court order of payment can be prosecuted by law. Cyprus, as a part of the European law regulation, follow the injunction execution law for the international credit collection.

There is great confidence in the Cypriot legal system, which is considered efficient because it combines the common sense and wisdom of Common Law with the presence of constitutional guarantees for the protection of rights.

Cypriot courts possess the necessary powers to enforce rulings and orders issued. If the receivable is contested, a monitory procedure is activated which starts with the preparation of a brief against which the debtor has 14 days to file a statement of defence.

In some cases, it is appropriate to present a provisional order against the debtor’s real estate or to freeze the current accounts. If the judicial procedure takes longer than expected, it is always possible to follow an out-of-court credit collection action and trying to make a deal without the need to proceed in court.

If the debtor takes a position against, the creditor can submit a claim in memory full of the most important details about the case. Due to this method, the debtor has only 14 days to be defended by a lawyer.

At this point, if the judge believes that the preliminary issues have been resolved, a future date will be set for the trial: as a general rule the losing party will pay the legal costs of the winner.

When the sentence has been issued, the court can proceed to seizure and sale the immovable or movable property – if there is no spontaneous payment – of the debtor. In the alternative, it is always possible to proceed with the debtor’s bankruptcy procedure.

DO YOU NEED MORE INFORMATION ABOUT THE CYPRIOT CREDIT COLLECTION?

Watch our video-analysis focused on the out-of-court credit collection in Cyprus. Credit to Dott. Claudio Mombelli & Invenium CEO & Founder

WHY INVENIUM?

For over 20 years a leader in Europe in international credit management and collection

Invenium cooperates in a network of partner specialized on the credit collection

With more than €70M of receivables managed and 3,000 international Clients, INVENIUM is leader in Europe

A group in constant growing to guarantee competence and results to its Clients

SOME OF OUR CLIENTS

INTERNATIONAL NETWORK

For over 20 years we have operated in the international market, with stable international legal partnerships in more than 115 countries.

DEBT COLLECTION AGENCY IN ITALY AND ABROAD: CHOOSING INVENIUM

Late payments cause lack of liquidity and additional financial and administrative costs. Advance payments increase your business.

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