The global economic crisis could not but have extended to Cyprus and financial transactions taking place in Cyprus. Liquidity being a severe problem, it is these days paramount for businesses to collect what they are owed for goods or services provided.
The problem of late or even non payment has reached Cyprus not only on a local business level but also on the transactions of foreign nationals through Cyprus companies. Although Cyprus companies do offer considerable protection as to one's anonymity it is important for affected parties to know that Cyprus law offers protection to creditors and someone cannot simply "hide" behind a Cyprus company.
Antonis Paschalides & Co LLC has traditionally represented the major banking institutions of Cyprus in collection of their local debts and has recently been engaged by a number of foreign clients wishing to collect from Cyprus based individuals or companies.
Debt collection can require for two phases, the first one being "soft collection" which is the out of court attempt by the firm to collect the client's debt on a "no collection no fee" basis and the second phase which involves court proceedings and the usage by the firm of all means offered by the law for the recovery of a debt.