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Dubai: The amendment to the UAE’s Commercial Transaction Law has introduced several penalties to narrow the scope of writing bad cheques by individuals and corporates.
In the UAE, a country which aspires to be a global trade hub with a fast-growing economy, cheque is one of the common forms of payment whether people paying rent, buying a car or any form of purchases and transactions, as it is used as a form of security.
In a step to boost the power of cheques, the UAE Cabinet has amended certain provisions of Federal Law No 18 of 1993, the Commercial Transactions Law, including those related to bounced cheques.
Dubai Chamber webinar highlights new collection mechanisms
02 May 2021
Business Bureau, Gulf Today
Dubai Chamber of Commerce and Industry, in cooperation with Davidson & Co., recently organised a webinar which examined amendments made to existing UAE laws related to the decriminalisation of bounced cheques, new collection mechanisms, restrictions and cases, collateral and additional penalties and litigation alternatives for bounced cheque claims.
A total of 638 participants joined the webinar, including business owners, managers and legal professionals.
The session was led by Raymond Kisswany, Partner, Davidson & Co., who advised participants on alternatives between filing civil and criminal procedures, steps to file a bounced cheque case, fines that apply in such situations and liability for cheques issued by commercial entities.
Dubai Chamber of Commerce and Industry, in cooperation with Davidson & Co., recently organised a webinar which examined amendments made to existing UAE laws related to the decriminalisation of bounced cheques, new collection mechanisms, restrictions and cases, collateral and additional penalties ..
Dubai Chamber webinar clarifies laws on bounced cheques
DUBAI, 4 hours, 16 minutes ago Dubai Chamber of Commerce and Industry, in cooperation with Davidson & Co., recently organised a webinar which examined amendments made to existing UAE laws related to the decriminalisation of bounced cheques. The focus of the webinar also included new collection mechanisms, restrictions and cases, collateral and additional penalties and litigation alternatives for bounced cheque claims. A total of 638 participants joined the webinar, including business owners, managers and legal professionals. The session was led by Raymond Kisswany, Partner, Davidson & Co., who advised participants on alternatives between filing civil and criminal procedures, steps to file a bounced cheque case, fines that apply in such situations and liability for cheques issued by commercial entities.