1)

Without prejudice to the provisions relating to the Insured and the Beneficiaries of the Insurance Policies, the liquidator shall, within (30) thirty days from the date of the issuance of the liquidation decision, publish a noticeable and prominent announcement in two local daily newspapers, one of which is published in Arabic, to notify creditors to submit their claims against the Company, whether payable or unpayable debts, within two (2) months if they are residents in the State and three (3) months if they reside abroad.

2)

The announcement shall be republished in the same manner promptly after the expiration of a period of (14) fourteen days from the date of publication of the first announcement. The statute of limitations for claims shall be calculated from the date of publication of the first announcement.

3)

If the liquidator or the competent court is satisfied that there is a legitimate excuse for a creditor’s failure to submit his claim within the period referred to in Clause (1) above, such period may be extended for further (3) three months maximum.

4)

The period of time running from the issuance of the liquidation decision to the publication of the first announcement referred to in Clause (1) above shall not be calculated within the period prescribed for the inadmissibility of the lawsuit pertaining to any rights or claims of creditors against the Company under liquidation.