With more than 40 years experience in debt collection, Danos & Associates offers debt collection services to an expanding network of clients from Cyprus and around the world. Our team manages the debt collection process for local and foreign individuals, small and large companies, banks and major international law firms. Specialising in debt collection we combine professionalism and extensive experience of the legal process with a commercial and practical approach to debt collection.

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 just weeks by merely sending a simple letter of claim. Debtors generally take a letter of claim coming from a lawyer more seriously than any letters from the creditors themselves. Many debtors want to avoid legal proceedings against them and will be willing to settle out of Court their financial obligations.

Issuing Court proceedings is the last resort when the debtor is not willing to settle his debt without the need for litigation. The client/creditor will be advised as to whether it is worth going to Court and the realistic chances of success in Court and collection of the debt.

 

Process

Out–of-Court Negotiations

We generally meet the client/creditor in person or sometimes through speaking via phone or online via emails or skype. After identifying the issue we advise the client as to the best way to move forward and the procedures involved. We then seek to learn as much as possible about the debtor and his financial credibility.

The first step is to send a letter to the debtor asking that he pays the debt within a certain timeframe (usually 10 days). If the debtor is not responsive to the letter we will seek to negotiate with him on the phone. Many debtors will choose to settle the debt at this early stage and negotiate a payment plan.

Should the negotiations fail and there is no other option we will move forward with issuing Court proceedings. That is only if we feel that there is a very good chance of success in Court and success in collecting the debt. Should we think that the debtor has no financial credibility and would not pay even with a Court judgment in our hands, we would then advise the client it is not worth pursuing this matter in Court. This is, however, not often the case as the debt will be collected successfully in the majority of cases.

Court proceedings

If the client decides to issue Court proceedings against the debtor after all other efforts have failed, within a few days we will file the claim at the Court. In some cases we consider it appropriate to file an interim order against the debtor’s immovable property or freeze his accounts. During the Court proceedings there is always a possibility of settlement without the need to go for a hearing.

Collection after Court Judgement

If the debtor refuses to pay even after the issuance of a Court judgment against him, we can use the following procedures in order to execute the Court judgment:

a) Issuance of writ of movables;
b) Issuance of writ of immovables;
c) Issuance of writ of delivery;
d) Bankruptcy proceedings;
e) Garnishee proceedings.

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