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Home > Country profiles > Cyprus > Articles > Article detail

Debt Collection In Cyprus

Thursday, 16th June 2017


The global economic crisis could not but have extended to Cyprus, too, and financial transactions taking place in Cyprus. Liquidity being a severe problem, it is nowadays paramount for businesses to collect what they are owed for goods and/or services provided.

Our priority is that the debt is collected in the most time efficient way and with the least costs possible. We therefore seek to avoid litigation wherever possible. In many cases, we will collect the debt within few weeks by merely sending a letter of demand, through which we claim the amount owed to our client. Debtors generally take seriously a letter of claim coming from a lawyer, rather than any letters from the creditors, themselves. Without any doubt, many debtors want to avoid legal proceedings against them and will be willing to settle their financial obligations out of Court.

An easy way to collect the debt is through the mediation, which is a flexible and confidential procedure which helps the parties to find their common ground and work towards resolving their dispute by agreement. As a form of Alternative Dispute Resolution mediation is becoming increasingly popular.

Issuing Court proceedings is the last case scenario, given that any other out-of-Court possible option has been exhausted. But, if a debtor is not willing to settle his debt and, therefore, comply with his financial obligations towards the creditor, then the judicial route of initiating Court proceedings against him is the only visible solution.

We strongly believe that in today's modern society and business world, special emphasis should be placed upon alternative dispute resolution mechanisms and out-of-court settlements for resolving disputes. Furthermore our Law Firm is ready to bring an action before any court when the circumstances require it."

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Source: M. Mylonas & Co LLC
Language: English
Contact: Andria Papageorgiou

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