Kuwait Court of Cassation principle number 623

Cessation of payment by a customer subject to the provisions of Law 41 of 1993 in accordance with its provisions. The Public Prosecution may request a declaration of his bankruptcy. 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 justifications for his delay. The delay period 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. The debt, its accessories and whatever part of it was waived become due. Article 13. The debtor’s being subject to the provisions of the aforementioned Law and proof of his cessation of payment in accordance with its provisions. Sufficient for declaring his bankruptcy. Subsequent payment does not preclude it. Example.