Reforms related to bounced cheques were recently introduced by the Government of United Arab Emirates. These reforms were introduced through the Federal Decree Law No. 14 of 2020. The new law made changes to the Federal Decree Law No. 18 of 1993 relating to commercial transactions (Commercial Transactions Law) and the erstwhile penal code of the UAE.
In the United Arab Emirates, there are rules which regulate the handling of dormant accounts and unclaimed balances.
One of the significant changes that are being highly welcomed concerns the limited scope of criminalization in instances of returned cheques on account of insufficient funds.
Bouncing of Cheques is witnessed as the incessant complication confronted by the people of UAE.
The bank Guarantee in UAE is governed under Civil Transaction law No 5 of 1985 owing to its commercial nature heedless of the capacity of the party to whom such an instrument is issued or the reason for which it is issued.
A supportive government is what keeping all of us intact and ongoing during this global pandemic
Commercial Lawyers of Dubai have witnessed various opportunities offered by banks for relaxation in the credit cards and loans during Covid-19 Pandemic.
The year 2018 was indeed a Year of Zayed along with that it was the year of perpetual growth in UAE significant laws such as Bankruptcy Law, VAT Law and the New Foreign Direct Investment Law.
In a contemporary international commercial market, there is a document used for collateral payment in commercial transactions known as bank guarantee.
Mergers and Acquisitions (M&A) can be as critical as it seems exciting for any entity's growth and development. If successful, it can assist both the companies to gain a significant share in the market and earn profits. If not successful, it can lead to a different story altogether.
The economic boom in UAE has resulted in huge developments and a considerable increase in trade. This in turn has led to a rise in transactions which require a fast debt recovery mechanism.
Strong relationships with customers remain the key to successful contractual lending and borrowing arrangements in the UAE. However, lending on the strength of relationship (or name) alone is not economically viable or justified.
Total Publications: 12
Contact Me
