Kuwait Court of Cassation principle number 626

Benefiting from Law 41 of 1993 concerning the State's purchase of certain debts. Its condition. The client must authenticate an acknowledgment of the amount of indebtedness according to the outstanding balance on 1/8/1990 by a deadline of 31/3/1994. No agreement contravening this deadline is permissible. The rationale therefor. It concerns 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 correspond to that in the acknowledgment, whether by excess or shortfall. Its effect: it may correct this balance without requiring the debtor to authenticate it or to do so within a specified period. The rationale therefor. The law contains no such condition. - A debt being considered covered by the program for settlement of difficult contractual facilities. Its condition. Completion of the settlement and approval thereof by the creditor and debtor. - An acknowledgment is evidence confined to the acknowledger alone, and no other person is bound by it. The condition therefor. - Banking commissions and interest:-