38th Edition of the Business Days: Adapting to the New Check Regulation
The 38th edition of the Business Days, organized by the Arab Institute of Business Leaders in Sousse, took place on December 5, 6, and 7, 2024. The event kicked off with a special session that sparked significant interest, focusing on "Adapting to the New Check Regulation." The discussion centered around finding solutions to adapt to the amendment of the Commercial Code, particularly regarding checks, and the development of alternative solutions.
Understanding the Philosophy Behind the New Law
Kamel Ben Mansour, a notary, highlighted the burning questions surrounding the new law, including understanding the legislator's philosophy behind Law 41 of 2024, the current status of the law, and what to expect starting from February 2, 2025. He emphasized that checks are a widely used payment method globally, not unique to Tunisia.
The Role of Checks in Commercial Transactions
Ben Mansour explained that checks have taken the place of letters of credit in commercial relationships between economic actors and individuals or professionals. He noted that checks are used more frequently than letters of credit due to the judicial pressure on the buyer, as the law provides for imprisonment for those who issue checks without provision. This has led to a relationship of trust being shaken, justifying the use of checks, even if not necessary.
The Problem of Non-Nominative Checks
Another issue with check usage is the existence of non-nominative checks, which can be passed from one person to another as a payment method. However, if the check is without provision, the creditor is left with no recourse, not knowing the issuer. Ben Mansour pointed out that the legislator has been lenient towards those who issue checks without provision, offering a conciliatory procedure that avoids a direct agreement between the parties and instead involves a notary public signing a unilateral commitment. This commitment binds the check owner to pay the full amount within three years.
The Seriousness of the Commitment
Ben Mansour questioned the seriousness of this commitment, highlighting that the legislator proposes two options to guarantee the creditor's rights. The first option requires providing 10% of the total amount due, with the debtor benefiting from the suppression of all penalties related to bounced checks. The second option is for those who cannot pay the 10% immediately, involving a commitment to pay 20% of the total amount after one year, with the notary public overseeing the procedure.
The Impact of the New Law
Regarding the new law, which will come into effect on February 2, 2025, Ben Mansour explained that if a creditor presents a check issued before this date to a bank for collection, it will be rejected. The check will have no value unless certified. Many economic actors, having heard about the new law, have rushed to deposit all their checks to ensure collection, knowing that the commitment procedure will no longer be applicable as of February 2, 2025.
