Tunisia Introduces New Reforms to Banking and Commercial Practices
Tunisia has introduced new reforms that impact banking and commercial practices, proposing adjustments to check management, bank account administration, and financing for small enterprises. Mohamed Nkhili, Director of Legal Affairs at the BTK and member of the Banking and Financial Council, recently discussed these developments during his intervention on Express FM with Wassim Ben Larbi on Wednesday, September 11.
Changes to Checks without Provision
The modifications to Article 410 of the Commercial Code introduce changes concerning checks without provision: judicial proceedings can only be initiated for unpaid checks exceeding 5,000 dinars. Additionally, checks will now be valid for a minimum period of six months and must be crossed to facilitate their transfer between banks.
The law also provides for two-year prison sentences for those who issue guarantee checks.
For unpaid checks, three reconciliation options are proposed:
- Pay 20% of the unpaid amount immediately and the rest in installments over three years.
- Pay 10% in the first year, 20% in the second year, and the balance in installments.
- Guarantee to pay the total amount within nine months without making an immediate payment. If these commitments are respected, judicial proceedings will be suspended.
Closure of Current Accounts
The adjustments also concern Article 732 of the Commercial Code for the management of current accounts. Accounts with debit balances that have not been active for three months will be closed after notification to the client, while inactive credit accounts for five years will have their funds transferred to the public treasury for a period of 15 years. If these funds are not claimed, they will ultimately be taken over by the State.
Support for Small Enterprises
The new reforms also require banks to allocate 8% of their profits to create interest-free credit lines to finance small enterprises. This measure aims to stimulate entrepreneurship and offer more support to small enterprises.
