Kuwait Court of Cassation principle number 3618

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