Our firm provides an in depth specialization in the field of winding up and until now it was involved in hundreds of winding up cases, including the most significant cases of winding up in Israel, such as: the winding up of the construction company of Abraham Gindi, Vayer Air Sea Moving VASM, the winding up of Pikanti Complex, the winding up of the fashion network of Bonmart, Easy Chemicals, Sun Hotel Bat Yam, Kelet Afikim, Shelev Transportation Cooperative, Kidum Insurance Company and many others.
These are usually complex cases necessitating creative thinking, vigorous activity, reliability and sheer professionalism.
According to the current law in Israel, there are three kinds of liquidations: voluntary liquidation, voluntary liquidation under supervision of the court and liquidation by the court.
Our firm specializes in all three kinds of liquidations.
The following is a brief review of the differences between the liquidation proceedings:
This proceeding is principally handled under control of the creditors or the shareholders without the involvement of legal proceedings, as the company is solvent and its purpose is to concentrate the assets of the company, distribute them [to the creditors and thereafter to the shareholders] and finally bring the legal entity of the company to an end.
Voluntary Liquidation under Supervision of the Court
This is actually a voluntary liquidation proceeding, which is supervised by the court, as the company is not solvent.
Liquidation by Court
Those entitled to apply for liquidation, in the event of liquidation by the court, are both the company and its creditors.
The most classic liquidation is winding up due to insolvency of the company, which is unable to pay its debts. It is also possible that the winding up will take place according to other grounds, such as: liquidation according to a resolution of the general meeting, liquidation in a situation in which the company has not commenced the management of its business affairs within one year from its incorporation and liquidation in the event that it is 'just and equitable to wind up the company'.
Our firm possesses vast experience in the representation of creditors, shareholders, officers and corporations in the field of liquidations. Our firm, inter alia, specializes in the representation of creditors [seeking to wind up the company, participants in the winding up proceeding or those claiming payment of their debt], both in the representation of officers and shareholders [seeking liquidation or defending against an attempt to personally charge them with the debts of the company] and companies, which are about to be liquidated [opposing the winding up proceeding, proof of solvency, creditor settlements and the like].
Our firm is considered as one of the leading firms in the field of winding up in Israel. In light of the reputation of our firm and its high credibility, courts frequently appoint Advocate Eitan Erez and/or Advocate Erez Haver as officers [special administrator, trustee, liquidator, temporary liquidator] in intricate winding up cases.
Advocate Erez Haver also serves as the co - chairman of the committee for rehabilitation and winding up of companies at the Israeli lawyers Bar Association.