Broadcast United

Legal experts and businessmen told Al Jazeera: “Judicial enforcement” will support the flow of foreign investment

Broadcast United News Desk
Legal experts and businessmen told Al Jazeera: “Judicial enforcement” will support the flow of foreign investment

[ad_1]

Businessmen and jurists appreciated the state’s efforts to speed up court proceedings by issuing the Judiciary Implementation Law No. (4) of 2024, which the country’s Emir His Highness Sheikh Tamim bin Hamad Al Thani (may God protect and preserve him) issued yesterday.
In an exclusive statement to Al Arabiya, they stressed the importance of the new law for timely justice, speeding up the litigation process and the execution of judgments, as well as solving many problems arising from the phenomenon of bounced checks by giving them the effect of an execution document, in addition to the many provisions contained in the law to protect all rights and ensure procedural flexibility for the immediate execution of rights, noting the deterrence of bank account holders to extend checks issued to themselves without researching or verifying their financial situation, and stressed the importance of giving judges broad powers to speed up execution, limit the defendant’s tax evasion and limit his opportunities to prevent him from evading taxes, manipulating or hiding money, while pointing out that the judiciary. The execution law helps solve investors’ problems and increase the attractiveness of the Qatari market for global and foreign investments, as it increases the security of judgment execution.
They also stressed that the new law supports the real estate sector by eliminating the need to file a lawsuit to decide on vacating a property at the end of the contract, and that it considers lease contracts registered or recorded with the competent authorities as executable documents, and that it will play a major role in the development of the sector.

Ahmed Al-Khalaf: Solving many investors’ problems

Businessman Ahmed Al Khalaf confirmed that the new legislative amendments will stimulate investments in the State of Qatar, noting that the Judicial Execution Law helps solve many problems faced by investors, including the issuance of cheques, as it gives them legal force, in addition to the many provisions contained in the law, which will accelerate investments.
Khalaf told Al Arabiya: “The law will return rights to their owners and empower the courts of execution. This is a decision that will help solve many economic difficulties, because the economy needs legislation. All rights reserved. He added: “There is no doubt that such a law and other legislation will attract more investment, because the investor knows that the Qatari market provides him with protection of all his rights. We expect such legislation to have a positive impact on attracting global investors. And foreign investment, because the security factor increases the enforcement of regulations.”
He pointed out that the new law supports the real estate sector by making it possible to decide to vacate a property at the end of the contract period without filing a lawsuit, and that it will treat lease contracts registered or recorded with the competent authorities as executable documents, and that it will play a major role in the development of the sector.

Youssef Bouhliqa: Measures to protect rights and promote economic growth

Businessman Youssef Buhlaiqa said that making such a decision requires careful study by the relevant authorities, stressing that Qatar has many procedures to protect rights, but issues remain for as long as they stay in the courts, so the new law will help speed up consideration on the issue and such a decision will bring economic growth.
He added: “The powers granted to the judges of the enforcement court and the speed with which they are enforced help empower the Qatari economy to adopt a solution that satisfies both parties, so we see this as a purely economic solution, even though the Qatari economy has been hampered in the past by delays, which has caused economic losses, so these decisions are very important.”
He stressed that granting the status of an executable document will encourage investment, especially since it has become a tool in the hands of people who do not have the ability to execute, which harms investors without them. The new law provides that checks have the right of execution and are not affected by delays in execution by various courts, especially since every bounced check has a negative impact on its owner, so this piece of paper should have the strength of the financial amount recorded on it. .
He pointed out that the law giving the effect of an execution document to a registered or filed real estate lease contract regarding the eviction of the real estate upon expiration of the contract without filing a preliminary lawsuit will promote the growth of the real estate sector, especially since these properties cost a lot of money to build and their owners are eager to obtain their rights.

Ali Khulaifi: Shorten the judicial process in the fastest way

Appeal lawyer Ali Issa Al-Khulaifi confirmed that treating a check as an executive document means giving it the force of a court judgment and order, as well as a settlement agreement recorded in or attached to the minutes of a meeting and an official document given executive force by law.
In a statement to Al Arabiya, Hulaifi noted that the Judicial Execution Law is keen to ensure that beneficiaries of checks quickly recover their value and aims to shorten judicial procedures in the fastest way.
He added that under this law, the beneficiary of a cheque, once the bank marks the cheque as having no outstanding and withdrawable balance and the beneficiary obtains the certificate, the cheque has an execution document through which he can resort to the bank to directly execute the judge.
He said that this would not restrict checks, but would shorten the procedure for collecting the value of the checks. He stressed that the sheer volume of these cases is a nuisance to the courts, with adverse effects on individuals, society, investments and the local economy, as the courts are faced with a large number of cases of checks without balance every day, with different situations between guarantee and performance. He pointed out that the Supreme Judicial Council had previously studied this phenomenon, and as part of the fight against it, the Criminal Court of the Supreme Judicial Council began to implement deterrent measures, in coordination with the Qatar Central Bank, to prevent offenders from paying the checks due. And to activate the additional penalty of Article 604 of the Trade Law, which provides that the court, in the event of a conviction for one of the check crimes provided for in the Criminal Code, may order the seizure of the offender’s checkbook and prevent his execution. The period for granting a new book shall not exceed one year.

Dr.. Khaled Abdullah Al-Muhannadi: Reducing the phenomenon of writing checks without balances

Dr. Khaled Abdullah Al-Muhannadi, an appellate lawyer, praised the Judicial Execution Law for reducing checks and balances by granting the power to execute documents. In a statement to Al Arabiya, he explained the importance of the new law. In addition to speeding up the execution of judicial decisions and collecting the amount of checks without filing a lawsuit, it will also serve as a deterrent to anyone who dares to issue checks without balances and harm the national economy. Instead, this is done by making a request directly to the execution judge, which will help reduce the phenomenon of issuing checks without balances and achieve procedural flexibility to immediately exercise rights.
Mohannadi stressed that the new law saves the cost of litigation filed by the beneficiaries of returned cheques, including the attorney fees borne by the plaintiff, which helps to contain the phenomenon that is fueled by some weak-willed and irresponsible bank account holders who expand or check themselves without research or verifying their financial situation, and they rely on lengthy routine litigation procedures, while the new law gives judges wide powers to speed up execution, limit the defendants’ evasion, and restrict their behavior. He has the opportunity to evade, manipulate or hide his funds in a completely just manner and restore people’s confidence in commercial paper again. “Cheques” have been abused by some people and are an important tool in business and economic transactions.

52,000 checks bounced in the third quarter of 2023

The Qatar Credit Information Center confirmed in a recent official statistics that the number of returned checks increased by 10% year-on-year in the third quarter of 2023, reaching approximately 52,260 checks during the period, while the number of checks that were cleared and converted to paid was approximately 23,320 checks.
According to official data, new credit lines in the third quarter of 2023 increased by 4% compared with the same period in 2022. According to statistics: personal credit lines increased by 11%, and corporate credit lines increased by 11%. It is worth noting that the Qatar Credit Information Center was established in accordance with Resolution No. (5) of 2008 of the Board of Directors of the Qatar Central Bank issued on June 29, 2008. It is one of the most important tools to assist the Qatar Central Bank in conducting credit operations. Improving the effectiveness of bank supervision will help formulate credit policies based on correct credit information, help reduce credit risks and make wise credit decisions.

[ad_2]

Source link

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *