Kuwait Court of Cassation principle number 3683

A customer who has ceased paying his debts. The Public Prosecution may apply for a declaration of his bankruptcy. Law 41 of 1993. Within 15 days from the due date of the payment or instalment, he may apply to the managing bank for a grace period for payment not exceeding 4 months from the payment date, in addition to a delay penalty of 15% annually for the period of delay. His failure to pay after that period. Its effect. The debt, its accessories, and what was remitted thereof become due.