Liquidation and Receivership

CW is rated among the top 10 law firms in corporate recovery, receivership and liquidation in Israel.
The liquidation and receivership department professionally handles large-scale cases, specializing in a successful recovery of distressed companies, non-profits organizations, municipal authorities, statutory institutions, as well as advising to distressed companies and their directors either while in court or in advance as preventive measures.
The head of the liquidation and receivership department, Adv. Avner Cohen, has close to 30 years of experience in this delicate and complex area. He combines professional management skills, commercial innovation, and an objective attitude towards all the stakeholders in the company. Together with the firm’s professional team he helps companies and organizations to recover, realizes assets and increases the amounts paid to debtors. Thanks to his professional reputation, Adv. Cohen was appointed by the district court as an interrogator of complicated bankruptcies such as Hamashbir Latzarchan Chain, the Clubmarket chain, and the Ramat Itri non-profit organization, were tens of millions of NIS were recovered.

Adv. Cohen delivers lectures to various forums, about new developments in the area and different aspects of the unique problems it encounters. He appears in various forums, including the Israel Bar Association, Tel Aviv University, Bar Ilan University, academic conferences, banks, continuing education seminars by the Ministry of justice and more.
The department is involved in the process of legislation, either advising the ministry of justice, or advising financial organizations who attend to the needs of various employees or businesses. The department handles all bankruptcy-related activities, including being appointed by the court as a trustee in large cases of corporate recovery according to clause 350 of the Companies Ordinance (stay of proceedings), handling corporate recovery or sale as a temporary or permanent liquidator, handling receivership and conducting extended interrogations in receivership and bankruptcy cases. In addition, the department assists banks and financial institution in realizing assets and obligations.

Notable cases

  • Between 2007 and 2013, Adv. Cohen has been the trustee for a city named Tayibe, a  city consisting of over 40,000 residents, which went into bankruptcy twice over the last decade, accumulating debts for hundreds of millions NIS. (claims of over 1 billion NIS) District Court Judge Varda Alsheikh has given Adv. Cohen full managerial control over the city council as a trustee. Since then, the council has been fully recovered, and has reached a balanced budget after which a creditor’s agreement was reached at the sum of 137 million NIS.
  • Between 2014 and today: Procedure freezing, temporary liquidation and special management Z. Landau construction and engineering. the shares of the company were sold at the sum of 15.5 million NIS (minimum), while the purchaser was also committed to pay secured creditors the sum of 22.5 million NIS. Some of the company’s assets were sold separately at the sum of 17.5 million NIS. The case has also consisted of the completing of the construction of major housing projects across Israel and retrieving tens of millions of NIS bank guarantees.
  • Between 2003 and today: Temporary liquidation and special management of Hamashbir Latzarchan Ltd. As part of the appointment, conducting an interrogation of the circumstances of the company’s collapse, resulting in the payment of NIS 80 million by the stockholders (the Coop society) to the company’s creditor.
  • Appointed by V.J. Varda ELsheich, as Interrogator of the circumstances which led to the collapse of the supermarkets chain Clubmarket. Following the interim report issued by the firm, company owners improved their proposal and were willing to contribute of their own private funds, disregarding the principal of separate entity of the company, 22 million NIS to be distributed among creditors.
  • Recovery of Vitamed Pharmaceutical Industries sold for 60 million NIS to Rekah Pharmaceutical Industry Ltd.
  • Temporary liquidation and rehabilitation of the construction company Yuval Gad Ltd. of the Koor Group. During the process the firm managed to locate highly valuable assets which allowed it to reach a creditors agreement for 120 million NIS, pay all company debts (full recovery of debts), and sell the company.
  • Receivership of the Naharia Pearl hotel.
  • Temporary and permanent liquidation of the soccer group “Maccabi Kiryat Gat”.
  • Procedure freezing and reaching a creditors agreement for A.G.M. Tefen Ltd (300 employees). According to the agreement, a 100% dividend for a total of 8 million NIS was paid to preferential creditors, and a dividend of 32% for a total of 6 million NIS was paid to regular creditors.
  • Temporary liquidation of the construction company named the “Green Bahan” construction company, which was established to expand Kibutz “Bahan” by adding 174 new houses to the existing Kibutz, and encountered fiscal problems. The procedure should enable the construction of 173 houses for the buyers.
  • Legal counsel in the procedure freezing of IT Company “Datasafe” and its eight daughter companies; ongoing legal advice to the trustee, Ram Belinkov.
  • Procedure freezing of the agricultural cooperative Roded Farm, striving for a settlement at the amount of 15 million NIS.
  • Temporary and permanent liquidation of a large number of companies, including Geographic Tours Ltd., Magid Engineering Ltd., TMS Ltd., Golan Ltd., Negevtech Ltd., Connegy Ltd. and more.

The Team

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Avner Cohen
Senior Partner
Rehabilitation of bankrupt companies / Liquidation of assets and companies / Receivership and Asset Realization / Commercial Law / Complex civil Litigation / Investigation of fraudulent management in corporates
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Elad Afari
Partner
Civil-Commercial Law / Bankruptcy Law / Non-Profit Organizations
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Ido Einat
Partner
Bankruptcy law / 
Non-Profit Organizations / Municipal law / Parental law
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Yoni Ashkenazi
Advocate

Contact Us

Our contacts
  • Abba Hillel Rd 14, Oz Building
    Ramat Gan, 52506
  • 03-6119000
  • 03-7519191
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