Kuwait Court of Cassation principle number 3643

Benefiting from Law 41 of 1993 concerning the State's purchase of certain indebtedness. Its condition. The customer must authenticate an acknowledgment of the amount of the indebtedness according to the outstanding balance on 1/8/1990 within a time limit ending on 31/3/1994. It is impermissible to agree to contravene this time limit. The reason therefor. It relates to public policy and may therefore be amended or extended only by subsequent legislation. - The managing bank's review of the indebtedness balance with local banks, investment companies subject to the supervision of the Central Bank of Kuwait, and the Finance House, and its finding that it does not match what is in the acknowledgment, whether by excess or shortfall. Its effect: - 615 - Commercial It may correct this balance without requiring the debtor to authenticate it or requiring this to be done within a specified time limit. The reason therefor. The Law contains no such condition. - Considering the debt covered by the programme for settlement of difficult contractual facilities. Its condition. Completion of the settlement and approval thereof by the creditor and debtor.