In Israel, as elsewhere, lightning-fast actions and efficient responses are required in order to reduce damage and loss of value in cases of insolvency and bankruptcy. The Insolvency and Bankruptcy Department in Weksler Bregman is trained precisely to provide this service.
Our firm offers extensive expertise in all issues relating to insolvency and receivership proceedings of companies. Our lawyers occasionally act as receivers or liquidators of companies, mainly on behalf of commercial banks. We guide and assist our clients in taking over problematic companies and assets, analyzing risks and protecting their assets when a crisis comes through the door.
Liquidations and receiverships
There’s the old saying that “crisis” is synonymous with “opportunity” and after years of experience in liquidations and receiverships we understand the delicate nature of insolvency proceedings and what it takes to maximize the outcome. Our expertise in liquidations includes, inter alia, the appointment of our lawyers as liquidators or temporary liquidators in compulsory liquidation proceedings, advising companies prior to liquidation, advising directors, representing creditors, maximizing asset realization and more.
Special management and insolvency of banks
In the field of bank bankruptcy and insolvency, Weksler Bregman plays a key role in representing a distinguished number of leading banks and various companies in various fields. Among other things, our firm provides our clients with consulting services, negotiations, legal opinions, litigation in the courts, issuance of types of licenses from government entities and other related services.
One of the founders of the firm, was appointed and serves as the special manager of Bank of Commerce Ltd. (in liquidation), which collapsed in 2002 after a case of internal fraud. Another partner acts as legal advisor for liquidation and represents the official receiver in the extensive litigation resulting from the bank’s collapse.
Freezing procedures
A stay of proceedings is part of the bankruptcy proceeding which triggers an injunction against the continuation of any action by any creditor against the debtor or the debtor’s property. A stay of proceedings is subordinate to the judge in the bankruptcy case so that all the debtor’s assets and creditors are brought into the same forum so that it will be possible to create a balance between all rights holders.
Our lawyers serve as trustees from time to time. A trustee is a representative of all the debtor’s assets who exercises statutory power, primarily for the benefit of unsecured creditors, under the general supervision of the courts and direct supervision of the trustee or bankruptcy manager.
The trustee’s responsibilities include examining the debtor’s application and timelines and bringing claims against creditors or the debtor in order to include as many assets as possible in the proceeding, with the trustee’s ultimate goal being to obtain approval from all the debtor’s and creditors’ assets in order to reorganize them.
In many other cases our firm represents creditors, including banks, financial corporations, companies, industrial corporations, real estate-oriented corporations and many more.
