Kuwait Court of Cassation principle number 1758

Collection of the outstanding value of shares owed by the company’s shareholders upon its termination through declaration of its bankruptcy. It is referable to two cases. The first, where the outstanding value of shares owed by the partners is sufficient to discharge the company’s debts, provided that the company’s assets are sufficient to pay at least 20% of its debts, in which case the court may order all or some of the members of the board of directors or managers to be liable jointly and severally or without joint and several liability. The basis thereof. The existence of a legal presumption that they caused the company’s debts.