The UAE Cabinet approves key decree amending Commercial Transactions Laws pertaining to bounced cheques and issuance of cheques without value
As part of the UAE’s continuous efforts to strengthen the country’s position and role as a leading hub for business and embracing major players in the commercial and economic sphere, the UAE Cabinet approved a decree amending certain provisions of the Federal Law on Commercial Transactions.
The Decree’s main objective is to strengthen the value of cheques as a prominent tool in commercial transactions. This is expected to come into force in 2020 and has redefined crimes involving cheques to encompass the following:
Accordingly, these changes will shorten the judicial procedure for a civil claim to the value of the cheque by facilitating the right to submit a direct request to the execution judge, reconciling with the government’s bigger objective of expediting the resolution of cases and simplifying litigation.
This is a milestone for the UAE in enhancing and prompting competitiveness of the national economy as well as a vital motivation to support the legislative sector in achieving the UAE’s global leadership and prominence.
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