Law

Debt collection in Cyprus

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By Melina Karaolia, M. Eliades & Partners LLC

In a euro-crisis reality, when clients don't pay their dues, it means business and cash flow shrinks even further. Debt collection in Cyprus is definitely a challenging task.  The process is usually initiated with a notice to the debtor. If there is no response, a claim is filed to the District Court that has jurisdiction. The claim is served upon the debtor who then has ten days in which to file an appearance before the Court.

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Law

Tired of hearing debtors' excuses? Debt collection – efficient prosecution of debts in Austria!

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By Christian Seidl, Tramposch & Partner

One of the consequences of the current financial crisis is that an increasing number of invoices that remain unpaid. The reasons for this are manifold. Banks are tightening their lending criteria, loans become due, people lose their jobs, margins are lower and there is greater competition from abroad. The financial crisis leaves deep traces.

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Law

Debt collection practices in Japan

By Seiichi Yoshikawa, Koga & Partners

In Japan, the debt collection process is normally started by an attorney sending an official letter of demand for payment to the debtor. If this letter turns out to be unsuccessful, the creditor commences legal action.

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Law

A new institution in Hungarian bankruptcy law

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By Dr. AttilaKovács, Kovács Réti Szegheõ Attorneys at Law

A new institution has been introduced by the Hungarian legislator for bankruptcy law, with the aim of contributing to enterprises' reorganisation and debt settlement. It is known as the 'Major Economic Operator of Preferential Status (MEOPS)'. In cases defined within the Act, an economic operator may be classified as a MEOPS if it is engaged in the pursuit of activities that are deemed to be of strategic importance for Hungary's national economic purposes, including the implementation of projects that have been given priority for national economic consideration.

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Law

Debt collection by banks/financial institutions in India

By Sreeraj Ghosh, L.B. Jha & Co. Chartered Accountants

Banks and financial institutions have been experiencing difficulties in recovery of dues from their Non-Performing Assets (NPAs) and enforcement of securities charged with them because of protracted legal hassles. For this reason, "The Recovery of Debt Dues to Banks and Financial Institutions Act, 1993" was enacted to facilitate faster recovery from NPAs. Subsequently, Debt Recovery Tribunals (DRTs) were established for dealing exclusively with debt recovery applications of banks and financial institutions. Debt Recovery Appellate Tribunals (DRATs) were also established and have now been functioning for more than a decade.

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Law

Recent changes in German insolvency law – position of creditors in preliminary proceedings strengthened

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By Dr. Karl Friedrich Dumoulin, FPS Rechtsanwälte & Notare

With effect from 1 March 2012, new provisions were implemented in German insolvency law. They strengthen the position of creditors in preliminary proceedings prior to the appointment of an insolvency administrator and the commencement of insolvency proceedings. Creditors of the debtor in insolvency now have the following options to influence the appointment of the insolvency administrator.

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Law

Unemployment and nickel-and-dime jobs may slow the recovery

Fotolia 25992432 S a 1For the member states of the Organisation for Economic Cooperation and Development (OECD), the recession years of 2008 and 2009 also constituted a social protection system stress test. This is indicated by an analysis of employment and unemployment presented in September 2011 (OECD Employment Outlook 2011). It appeals to the governments of the G-20 states to solve the structural problems of the employment market.

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Law

Prague Cathedral

European Regulations on Servicing of Documents

By Dr Jiri Novák and Jan Sekret, Broz & Sokol & Novák

Based on the findings of the 2017 regulatory fitness evaluation, the European Commission proposed amendments to both the Regulation on the service of documents and the Regulation on the taking of evidence in civil or commercial matters. On 13 February 2019, the European Parliament (EP) adopted the legislative resolutions on the proposal for regulation amendments at the first reading.

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Law

Translation

Language related issues in international arbitration

By Matteo Zanotelli, SLT Strategy Legal Tax

On the basis of personal, professional knowledge and some very hands-on experience in the field of international commercial arbitration, this article aims to shed some light on a particular underestimated aspect of arbitral proceedings, with the hope of alerting professionals and business operators to a few preventable mistakes in contract drafting.

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Law

Mediation

Effective Advocacy in Mediation

By Leslie A. Berkoff, Moritt Hock & Hamroff LLP

Mediation is a collaborative process that allows parties to resolve a pending dispute in a manner that is far more flexible than that which can be achieved under a court decision. Advocates play a critical role in ensuring that the process achieves a positive result for the client. Here are some key takeaways that advocates should keep in mind.

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