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All you need to know about new UAE law on bounced cheques

“The changes will cut time and effort on the part of the beneficiary of a cheque as the decree makes bounced cheques an executive document to be executed directly by an appropriate judge in court. The changes will help overcome challenges with commercial dealings and with securing payments,” said Abdelaziz. According to the new legal provision, banks will be obliged to make partial payment for a cheque to the beneficiary when a cheque is presented for payment at the bank as long as an account balance is available to even partly satisfy the beneficiary’s claim. Realising the remaining amount

United arab emiratesGulf newsMeshar al muhairiSherif mohammad ghannamWageh amin abdelazizAl muhairiCivil courtWorld centerSecretariat of the supreme legislation committeeSupreme legislation committeeImage creditTransactions lawCommercial transactions lawAmin abdelazizWorld center advocatesLegal consultants

Ask the law in UAE: 1 bounced cheque, 2 signatories - what should I do?

Ask the law in UAE: 1 bounced cheque, 2 signatories - what should I do?
gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.

Dubai municipalityUnited arab emiratesImage creditCommercial transactions lawதுபாய் நகராட்சிஒன்றுபட்டது அரபு அமீரகங்கள்படம் கடன்வணிகரீதியானது பரிவர்த்தனைகள் சட்டம்

Abu Dhabi judiciary discusses implementation of legal amendments to decriminalise non-sufficient fund cheques

Abu Dhabi: The Judicial Inspection Division of the Abu Dhabi Judicial Department (ADJD) organised in cooperation with the Abu Dhabi Judicial Academy (ADJA), a remote workshop to discuss the provisions adopted for cases of issuance of cheques without sufficient existing and withdrawable balance (NSF cheques) in accordance with Federal Decree Law No. 14 of 2020 which amends some provisions of the Commercial Transactions Law promulgated by Federal Law No. 18 of 1993; A total of 140 people from Abu Dhabi criminal courts and Public Prosecution offices attended the event. The participants agreed to submit a recommendation to the Supreme Judicial Council to harmonise the views in order to comply with the wish of the legislator to postpone the entry into force of all the provisions of the law until the second of January 2022, whether they concern the decriminalisation of the NSF cheque or the alternative mechanism for consolidating the cheque and giving it the power of a writ of execution s

Abu dhabiAbuz abyUnited arab emiratesMansour al marzouqiYousef saeed alZayed al nahyanAbu dhabi criminal courtAbu dhabi judicial academyPublic prosecutor officeAbu dhabi judicial department image creditSupreme judicial councilPresidential affairsAbu dhabi judicial departmentJudicial academyImage creditGulf news

Q&A: setting up and operating a joint venture in United Arab Emirates

Setting up and operating a joint venture Structure Are there any particular drivers in your jurisdiction that will determine how a joint venture is structured? The laws of mainland United Arab Emirates (UAE) and most UAE free zones do not generally facilitate mechanisms often incorporated into joint venture (JV) agreements, unlike in other more developed jurisdictions. In particular, the enforceability of certain rights relating to share transfers, including drag, tag, call and put options, which JV partners would often view as standard and necessary contractual protections in the context of a JV, is largely untried and untested. As a result, JV partners often prefer to use offshore, Dubai International Financial Centre (DIFC) or Abu Dhabi Global Markets (ADGM) vehicles where they can be certain that those rights can be enforced.

United arab emiratesAbu dhabiAbuz abyMinistry of economy competition authorityCompanies law noDepartment of economic developmentCompetition authorityTax authorityMinistry of human resourcesDubai international financial centreAbu dhabi global marketCommercial companies lawEconomic developmentCommercial transactions lawCompetition lawFederal tax

UAE Achieves 46 Percent of Economic Recovery Package

UAE Achieves 46 Percent of Economic Recovery Package Published December 14th, 2020 - 08:30 GMT More than 310,000 individual clients, nearly 10,000 small and medium enterprises, and more than 1,500 private sector companies have benefited from the loan deferral programme included in the support plan. (Shutterstock) About 46% progress has been achieved in implementing the 15 initiatives of the first phase of the economic recovery programmme initiated by the UAE government in the emirates. Major initiatives that have been implemented to date, including amendments to the bankruptcy law, allocation of grants and incentives to tourism establishments, promotion of foreign direct investment (FDI) through amendments to the commercial companies law, amendments to the commercial transactions law and the decriminalisation of cheques without balance, reduction of fees and taxes on the tourism sector, enhancing flexibility of labour market, the comprehensive targeted economic support pla

United arab emiratesAbu dhabiAbuz abyAhmed belhoul al falasiAhmed al zeyoudiYousef al amiriAl marriTouq al marriOmar sultan al olamaLahej al falasiAl olamaSaif hadef al shamsiAl shamsiAl hameliRashid al maktoumAbdullah mohammed al