The Committee of Bankruptcy Trustees of the The Investment Dar Company, Messrs. (Dr. Ali Awaid Cherekh, Mr. Ahmed Duaij Al-Duaij, Dr. Hanadi Hamoud Al-Badr) announced the bankruptcy administration’s decision in Application No. 6/2023 for a protective settlement submitted by the Investment Dar Company against the Kuwait International Bank and others. 

On August 27, 2023, The Investment Dar Company submitted a request to the Bankruptcy Department to open preventive settlement procedures against all its creditors, and requested the following ruling: 

• First: Authorizing it to take preventive settlement measures to address its situation in accordance with what is contained in the provisions and texts Bankruptcy law. 

• Second: An indication of the acceptance of this request and the completion of the legally required documents and attaching them to it. 

• Third: Stopping all civil and commercial litigation and enforcement procedures related to the company’s obligations in implementation of the legal effect stipulated in the law. 

• Fourth: Notification of taking preventive settlement procedures and presenting them to the creditors to obtain their approval. 

Whereas Request No. 6/2023 for a preventive settlement was circulated in the Bankruptcy Department according to the session on Sunday, June 23, 2024, at the Bankruptcy Department’s headquarters, the bankruptcy judge issued the following decision:  

He rejected the request for a preventive settlement because its conditions were not met in accordance with the provisions of Article 31/2 of the Bankruptcy Law with Assigning the Company, the Bankruptcy Trustees Committee, and the Bankruptcy Administration with the necessary impact of this decision on these two articles (33-55) of the same law.