Dubai: Dubai Chambers has conducted a webinar on the legal responsibilities arising from bounced checks, including the rights of the beneficiary and available means of recourse.
The Arabic-language session was held in partnership with the Habib Al Mulla Academy.
The webinar highlighted key amendments to the UAE Commercial Transactions Law, including the decriminalization of issuing checks with insufficient funds as well as the criminalization of new check violations and their related penalties.
The session also shed light on the implementation of processes for the partial fulfillment of checks in line with the Executive Order issued, together with the other procedures that apply under UAE civil law.
Participants were made aware of the legal responsibilities arising from bounced checks and gained a deeper understanding of the obligations, exceptions, and fines applicable under the legislation, as well as the options available to the beneficiary in the event of a bounced check.
The webinar also examined use cases for check guarantees and when it is advisable to obtain them during business dealings.
The amendments to the provisions of the UAE Commercial Transactions Law entered into force in January 2022. This session was aimed at ensuring the business community is fully aware of the implications surrounding the decriminalization of bounced checks, a significant change that seeks to enhance and revitalize the dynamics of business transactions.
Mr. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented.
“Workshops of this type play an important role in Dubai Chambers’ drive to advance the interests of the emirate’s business community. By enhancing awareness on key legal changes, we are contributing towards developing a business environment that is conducive to sustainable growth and prosperity,” Mr. Lootah further added.
Dubai Chambers plays a crucial role in facilitating and improving the ease of doing business in Dubai while delivering value-added services. The organization serves as a bridge connecting Dubai’s dynamic business community with the government and acts as a powerful advocate for the emirate’s business interests.