Our Insolvency Department submitted a request to the Central District Court on behalf of two affiliated companies — Gal-Or Nekhasim (a retailer of garden furniture, outdoor kitchens, etc.) and A.A. Maayanot, which specialises in water systems — seeking a court order to open insolvency proceedings to enable their economic rehabilitation following a severe liquidity crisis.

The combined debts of the two companies amount to approximately NIS 50 million.

The Court was also asked to urgently stay all proceedings against both companies and their controlling shareholder, and to appoint a temporary trustee to operate the companies for a short period and work towards their recovery by securing offers from investors or purchasers. This week, a trustee was appointed for Gal-Or.

The companies are represented by Advs. Amit Lederman, Dorit Karny and Aviad Tayeb from our Insolvency & Restructuring Department.
Coverage: Calcalist