The Recovery of Debts Inherent in Cheques without Cover in Cameroon via the OHADA Simplified Recovery Procedure and Enforcement Measures
Journal Title: International Journal of Trend in Scientific Research and Development - Year 2019, Vol 4, Issue 1
Abstract
The vast number of commercial transactions that take place daily in the modern business world will be inconceivable without negotiable instruments like cheques. This is the reason why the recovery of debts inherent in cheques without cover has been given the attention it deserves within the CEMAC Region under the OHADA Uniform Act on Business Law. The OHADA Uniform Act on Simplified Recovery Procedure and Enforcement Measures has instituted a procedure in the member states of the OHADA zone to recover debts of a company when it eventually goes bankrupt or when it winds up. It should however be understood that all the member states of CEMAC are OHADA signatories. This ipso facto means that Cameroon being a member of CEMAC, with its bi jural nature, where the Common Law and Civil law legal systems operates in the Former West Cameroon and Former East Cameroon respectively, both parts of the country are bound to implement the OHADA Uniform Act in their various jurisdictions. The Uniform Act on Simplified Recovery Procedures and Enforcement Measures was issued on the 10th of April 1998. Like the Uniform Act on Securities, this Act overlaps the bound of pure business law in that it effects a general reform of civil procedure in relation to recovery and enforcement. The reform was indispensable of the OHADA Member States, only Mali had, in 1994, put in place a modern system that was suited to present day economic and social conditions. Otherwise, the relevant legislation dated, at best from the 1970s and in several cases from colonial times. The OHADA Uniform Act governs commercial companies and Economic Interest groups. Since banks are commercial companies governed under Public Limited Companies S. As , they are equally governed by the OHADA Uniform Act. Thus, this paper questions the potentials of the OHADA Simplified Recovery Procedure and Enforcement Measures in relation to the special mechanisms for the Recovery of Debts inherent in cheques without cover in Cameroon. Akama Samuel Penda | Nji Keneth Ndikum "The Recovery of Debts Inherent in Cheques without Cover in Cameroon via the OHADA Simplified Recovery Procedure and Enforcement Measures" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29756.pdf Paper URL: https://www.ijtsrd.com/management/other/29756/the-recovery-of-debts-inherent-in-cheques-without-cover-in-cameroon-via-the-ohada-simplified-recovery-procedure-and-enforcement-measures/akama-samuel-penda
Authors and Affiliations
Akama Samuel Penda | Nji Keneth Ndikum
Keywords
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