In line with MCI keenness on facilitating and reactivating just settling of commercial disputes and to spare patience and time of procedures, in addition to coping with the newly adopted Execution Law, which included rapid as well as effective instruments and techniques to settle obligations, promptly, it exhorts holders of cheques, bills of exchange and debentures, institutional and individual, alike, to, directly submit their demands to the Execution Magistrate office, as the afore-mentioned those commercial papers are considered, from now on, as executive bonds, in accordance with the clause no. 9, in the Execution Law.
This clause authorizes magistrate order to take effect, immediately, to minimize a marathon procedures and to materialize just settling of disputes, beginning from 20/04/1434 AH, the set date for the law to take effect.
Henceforth, MCI feels free to announce that its offices, from that date on, will not receive any application or request, regarding settlement of commercial debentures and papers.