Debt Collection in Cyprus

• Anyone with experience running a business will have unfortunately been forced at some point to chase debtors for failing to pay for goods or services supplied. 
• Or perhaps you have made a personal loan that has been made and never repaid. 
• Hopefully, a formal legal demand will be sufficient to ensure prompt repayment. If not, other measures can be taken to enforce your rights, around the world.

• Expedite and facilitate the collection of unpaid debts
• Improve collection rates and where possible preserve existing business relationships
• Collection is achieved either through extrajudicial or judicial procedures
• Ensure a value-for-money service
• All cases are undertaken with the strictest confidence and the clients are regularly kept up-to-date

Negotiation With Debtors 

Should the need arise, the lawyers on the Advocate Abroad network are experts in carrying out negotiations with debtors and will negotiate on your behalf for the return of the debt and will manage a debt plan with the debtor where you have provided us with full prior authorisation. 

Obtaining all the monies that you are owed is of course the primary objective here, though you may decide that obtaining a percentage or the full amount over a period of time are acceptable alternatives. 

Financial Report Before Going to Court

• Going to court is a last resort, but one that can be necessary in order to obtain a successful outcome. We should only really consider going ahead when all the information relating to the debtor tells us that this will be a worthwhile strategy.
• It is possible to obtain valuable information about the financial position of individuals and companies from a number of important sources. This would include:
• The commercial register, which contains a host of information about companies such as fixed assets and annual returns;
• The property register, which holds information on any assets registered in the names of individuals, including sole traders;

 It is strongly recommended to obtain a financial report before proceeding to take court action. 

Court Process 

If the measures taken extra-judicially fail to recover the debt and the financial report (recommended) suggests that it would be worthwhile to continue pursuing the debtor, the next stage is to bring the matter before the courts.