Civil Procedures Act and the Regulation Amendment: Execution of Debt
Once a court order has been made for the payment of a debt, there are now wider options for recovering that debt. If the provision is for the payment of money, the enforcement officer may collect this debt as well as all the costs incurred as a result of the delay in payment, from the debtor in cash or by credit card, and the debtor can pay this debt in up to 4 installments, once the execution is filed. If company shares are confiscated, they are offered for sale by auction in accordance with the provisions of the Companies Law. Any movable property located in the residence of, or that is in control or in use of a debtor will be treated and seized as if it belonged to the debtor, and then can be sold and set off against the debt. If there is a monetary judgment against the debtor, the amount set in the judgment which is credited in the debtor's account in any TRNC bank can be seized. If this account is a salary account, an amount equal to one current monthly salary of the debtor in this account will be exempt from lien. Any salary (including all regular income other than alimony and social assistance) that the debtor receives from either the private sector or the government, can be made liable for the payment of the debt of the convict. The provision for the payment of a debt is valid for 10 years from the date of receipt of this provision.