Morocco’s Government Council approved on Thursday draft law No. 71.24 amending the 1995 Commercial Code, presented by Justice Minister Abdellatif Ouahbi. Government spokesman Mustapha Baitas said the reform aligns with the Kingdom’s strategy to modernize its legal and regulatory framework for financial and commercial transactions.
The amendment seeks to address the persistent issue of bounced checks, a major concern for investors due to its economic and social impact. The bill revises Book III of the Code to enhance legal security, improve efficiency in commercial exchanges, and introduce greater flexibility in financial dealings.
Key changes include reducing fines for check payment recovery from 25 percent to 2 percent of the value, introducing reconciliation mechanisms at all stages of proceedings, and allowing offenders 30 days,extendable once, to cover insufficient funds. The reform also permits judicial supervision as an alternative to detention.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.