Kuwait Court of Cassation principle number 365

Benefiting from Law 41 of 1993 concerning the State's purchase of certain debts. Its condition. The customer's authenticating an acknowledgment of the amount of indebtedness according to the outstanding balance on 1/8/1990 by a deadline of 31/3/1994. Impermissibility of agreeing to contravene this deadline. Reason therefor. Its relation to public policy, such that it may not be amended or extended except by subsequent legislation. - The managing bank's review of the debt balance with local banks, investment companies subject to the supervision of the Central Bank of Kuwait, and the Finance House, and its finding that it does not correspond to the acknowledgment, whether by an increase or a decrease. Its effect: it may - 79 - The Law correct this balance without requiring the debtor to authenticate it or to do so within a specified period. Reason therefor. The law contains no such condition.