Kuwait Court of Cassation principle number 3638

Issuance of Law 41 of 1993. Its purpose. Addressing Kuwaitis' debts to local banks and investment companies subject to Central Bank supervision after the State's purchase thereof. The concessions this Law granted to civilians. Their nature. - The debtor's authentication of an acknowledgment accepting the indebtedness balances as they stood on 1/8/1990. Its necessity for benefiting from these concessions. His subsequent contestation of the existence or amount of that indebtedness is inadmissible. The reason therefor. Stability of the financial positions of all parties. His contestation of the principal debt and its amount. Its effect. The court may rule that he is deemed to have abandoned his action or appeal, and abandonment is not confined to relinquishing the procedural steps of the litigation while the substantive right remains unchanged, but rather constitutes a final settlement concerning the amount of the debt and an undertaking not to contest it in the future. - 614 - Commercial