European Payment Orders And Cyprus

A creditor owed money by a Cyprus company may be able to recover the debt through a European Payment Order. Another creditor may already hold an order issued elsewhere in the European Union and need to enforce it against assets in Cyprus. The first task is to establish which stage the matter has reached and what remains to be done.

The procedure applies in Cyprus and can be useful for a cross-border debt that the creditor expects to remain uncontested. Where the application should be made depends on jurisdiction. Where the order can be enforced depends on the location of the debtor and its assets. These questions should be considered together before proceedings begin.

What is a European Payment Order