In relation to application No. 7/2023 for preventive settlement from Adam Capital Holding Company, the Bankruptcy Department has made the decision to initiate settlement procedures. As a result, all judicial claims and enforcement procedures against the company, including the sale of shares owned by the company, will be suspended. This decision is based on the record of proving the case dated 16/1/2024 issued by the General Directorate of Execution, and the attachment signed in file No. [191576860], which set a date for the sale of shares on Sunday, 18/2/2024. 

According to the resolution, the Bankruptcy Department will notify various entities, including the Central Bank, the General Directorate of Execution, Kuwait Clearing Company, Boursa Kuwait Securities Company, the Capital Markets Authority, the applicant company, and the bank against which the application is filed. This notification will take place within a period of three months from the date of the resolution, in accordance with Article (55) of the Bankruptcy Law. Additionally, the decision will be published in the Official Gazette and registered within ten days. 

The applicant company is required to disclose this decision on its website and announce it in two local daily newspapers, one of which is issued in English. The expenses for this disclosure are to be borne by the applicant company, and evidence of compliance must be provided. 

The Bankruptcy Department has instructed the applicant company to prepare a proposal for the protective settlement, including all the necessary data as required by Article (73) of the Bankruptcy Law. Special attention should be given to convincingly persuading the bank against which the application is filed (the creditor) to approve the proposal for the protective settlement. A copy of the proposal for the protective settlement must be deposited within a period not exceeding three months from the date of the resolution, in accordance with the provisions of Article (74) of the Bankruptcy Law.