Explained: The new bounced cheque law in the UAE
Dubai: On September 27, 2020, President His Highness Sheikh Khalifa bin Zayed Al Nahyan issued a federal decree law, amending some of the articles and clauses in the federal law that deals with cases of issuing of cheques and bounced cheques - Federal Law No. (18) of 1993 Concerning the Commercial Transaction Law.
What are the changes to the laws governing bounced cheques and how will they affect the payer and the payee of a cheque that is dishonoured? Here is all you need to know.
While Federal Decree Law No. (14) of 2020 is quite detailed in the amendments that will be made to certain provisions of the Commercial Transaction Law, Gulf News spoke to legal experts to find out what the biggest changes are to the laws governing bounced cheques, that will affect the majority of the...