Kuwait Court of Cassation principle number 3685

Benefiting from Law 41 of 1993 concerning the State's purchase of certain debts. Its condition. The customer's notarisation of an acknowledgment of the amount of indebtedness according to the outstanding balance on 1/8/1990 by a deadline of - 622 - Commercial 31/3/1994. No agreement may contravene this deadline. The reason therefor. Its relation to public policy, such that it may not be amended or extended except 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 the acknowledgment, whether by an increase or a decrease. Its effect: it may correct this balance without requiring the debtor to notarise it or to do so within a specified period. The reason therefor. The absence of this condition from the law. - Considering a debt covered by the programme for settling difficult contractual facilities. Its condition. Completion of the settlement and its approval by the creditor and debtor. - An acknowledgment is evidence confined to the acknowledging party alone, and no other person is bound by it. The condition thereof. - Debtors' concurrent liability:-