Article 2 of Bankruptcy Law

The provisions of this Law shall apply to: (1) Every natural person established to have the status of a merchant. (2) Kuwaiti companies and branches of foreign companies, except joint venture companies. ) Collective investment schemes having legal personality. Without prejudice to the provisions of this Law concerning the Bankruptcy Administration, the bankruptcy judge, the Bankruptcy Court, the Court of Appeal and the powers entrusted to each of them, the Authority, the Central Bank and the Unit may each, within the limits of its competence, establish rules governing preventive settlement, restructuring and bankruptcy declaration proceedings for securities exchanges, clearing agencies, banks and insurance companies, in a manner differing from that set out in this Law and as required by the nature of these entities. Decisions issued by the Authority, the Central Bank or the Unit in this regard may be challenged before the competent court.