Payment demand between businesses (Cyprus)
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This document is in Greek
The PDF you download is in Greek — that is the language it has to be filed in, so it is not translated. Everything on this page is here to tell you what it says.
The letter by which a business in Cyprus demands that another pay overdue invoices: the basis of the debt, the list of invoices, the principal, late-payment interest, compensation for recovery costs, a deadline and the account to pay into. Under Law 123(I)/2012, interest at the ECB reference rate plus eight percentage points and the flat €40 compensation are due without any reminder. It also serves as the letter of claim the Civil Procedure Rules require before a claim for a sum of money, giving 14 days for a written reply. It is sent by registered post or by hand against a signature; if it goes unanswered, a claim in the District Court follows.
What you fill in
The details the document asks for.
- City
- Date
- Creditor
- Creditor's address
- Debtor
- Debtor's address
- Basis of the obligation
- List of invoices
- Principal amount
- Amount in words
- Late-payment interest to date
- Compensation for recovery costs
- Payment term (days)
- IBAN
- Attachments
- Creditor's representative
Preview
This document is produced for you. Your answers are typed into it and the finished PDF is yours to keep.
Common questions
- What interest rate applies to late payment between businesses in Cyprus?
- The European Central Bank reference rate plus eight percentage points (Law 123(I)/2012). The reference rate is the ECB's main refinancing rate in force on 1 January for the first half of the year and on 1 July for the second. The interest is simple and runs from the day after payment was due; to work it out, check the ECB rate for each half-year of the delay.
- How is a payment demand sent to another business in Cyprus?
- By registered post or by hand against a signature at the business's address, ideally with a copy by e-mail as well. Keep a copy and the proof of posting or the signed receipt, because they will be needed if the matter reaches court. The demand also serves as the letter of claim the Civil Procedure Rules require before a claim for a sum of money: the debtor has 14 days to reply in writing, with reasons if it disputes the claim, and skipping this protocol can bring costs penalties or a stay of the action. If there is neither payment nor an answer, a claim in the District Court follows.
- From when is late-payment interest due in Cyprus if no payment date was agreed?
- Where the contract sets no payment date or term, Law 123(I)/2012 makes payment due 30 days after receipt of the invoice or of the goods or services, whichever is later, and interest runs from the next day without any reminder. Do not leave old invoices waiting, though: under Law 66(I)/2012 a contract claim is time-barred after six years, and the Law sets a shorter period for some claims.
How you can sign this document
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