Debt Settlement Office
The Debt Settlement Office (DSO) was established as part of KIA's organization structure in 1998 by the Finance Minister's article No.4/98 to execute the following duties vested in KIA by law No.41/93. The responsibilities of the Office are to supervise Preventive Reconcilement against bankruptcy procedures. The Office supervises procedures to insure the implementation of the reconcilement terms with the defaulted client, to avoid bankruptcy procedures
Managing, Supervising Bankruptcy and Manager of the Creditors Union After issuance of the court rule of declaring bankruptcy of the debtors and assigning KIA as the Bankruptcy Manager and Creditors Union Manager, the Office has to publish the court rule in the gazette "Kuwait Al-Youm" and at least 2 local newspapers, contact officials, private entities and banks to update them on the financial status of the bankrupt, receive all bookkeeping and financial statements and registering all account operations for each bankrupt. The Office manages the bankrupt's assets to retain their value and liquidate them in suitable fair value and time. The Office supervises the legal reconcilement and reconcilement with assignment of assets. The office will perform a legal reconcilement with the bankrupted client after updating and determining the financial status of the respective client based on article no. 19 of Law No.41/93.