Kuwait Court of Cassation principle number 1838

The customer who has ceased paying his debts. The Public Prosecution may apply for a declaration of his bankruptcy. Law 41 of 1993. Within fifteen days from the due date of the payment or installment, he may apply to the managing bank to grant him a payment grace period not exceeding four months from the payment date, in addition to a late-payment penalty of 15% annually for the period of delay. His failure to pay after that period. Its effect. The debt, its accessories, and any portion thereof that was waived become due.