Kuwait Court of Cassation principle number 1839

Cessation of payments by a customer subject to the provisions of Law 41 of 1993, in accordance with its provisions. The Public Prosecution may request that he be declared bankrupt. Article 14(¿). - A customer’s delay in paying any payment or annual installment due from him. He must submit a letter to the managing bank within fifteen days of the due date stating the reasons for his delay. The period of delay may not exceed four months from the original date for payment of the payment or installment, in addition to the late-payment penalty. His failure to pay at its end. Its effect. Acceleration of the debt, its accessories, and any portion thereof that was waived. Article 13. The debtor’s being subject to the provisions of the aforementioned law and proof of his cessation of payments in accordance with its provisions. Sufficient to declare him bankrupt. Subsequent payment does not preclude it. Example.