The bankruptcy of individuals and Provisions thereof under Kuwaiti law
It happens that the financial conditions of the merchant become turbulent, and he fears his inability to fulfill his obligations on its due dates, given the state of the financial statements, and we find that the Kuwaiti legislator has appointed a department called “Bankruptcy Department” which in turn receives individuals’ bankruptcy requests, sends notifications, and verifies settlement requests. Bankruptcy is a legal procedure that protects a person who is unable to pay his debts, by providing him with protection from the court, which addresses creditors and prevents the liquidation of his financial assets, as well as helps him in regulating his financial conditions and resuming his commercial activity. The declaration of bankruptcy of individuals also results in a number of negative symptoms, as his money is placed under surveillance so that the judge decides for him a family subsidy, and the individual who has been declared bankrupt is not entitled to be a voter or a member of parliaments, chambers of commerce or trade unions, nor a member of a board of directors, nor to work In the banking sector, import or export, or to act on behalf of others in managing his money unless he has been rehabilitated.
