A bankruptcy proceeding is a proceeding that can be assumed by an individual, reaching a state of insolvency, whereby his debt exceeds the amount stated in the Ordinance.
Within the framework of the bankruptcy proceeding, after fulfillment of various conditions, the debtor receives the protection of the court against the instigation of proceedings against him by his creditors.
We are of the opinion that the best and correct solution for a debtor that accumulated debt and who is interested to turn over a new leaf in his life is to assume the bankruptcy proceeding.
A debtor who is interested to receive the protection of the court against his creditors and to maintain a normal way of life [subject to the restriction stated in the Ordinance] ought to file a motion for bankruptcy.
This step should be handled with close professional accompanying of attorneys, specializing in this field.
It ought to be indicated that there is an enormous difference between attorneys, specializing in effectuation, and attorneys that specialize in bankruptcy laws. In most cases, attorneys that specialize in effectuation proceedings are not thoroughly familiar with bankruptcy proceedings.
From time to time, we encounter debtors, who were not treated by a professional factor, and in consequence thereof fail to obtain the protection of the court and/or do not receive the appropriate protection within the framework of the bankruptcy proceeding.
Our firm is viewed as one of the most professional law firms in Israel in the area of bankruptcy proceedings, and it is acknowledged by both the courts and by the Ministry of Finance [the Official Receiver] as a leading firm in this field, having great reputation.
Our firm has an experience of hundreds of bankruptcy cases, many of them of the most complicated and complex that ever took place in Israel.
Our firm was and is involved in cases of various debtors in amounts reaching to tens and hundreds of millions of shekels.
For example, our firm deals with two leading bankruptcy cases: Eli Reifman, with debt reaching 300 million NIS and Nick Levene (case is in UK & Israel) with debt reaching 200 million GBP.