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 over 20 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.
Adv. Cohen delivers lectures 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 handles all bankruptcy-related activities, including appointment by the court as a trustee in large cases of corporate recovery according to clause 350 of the Companies Ordinance (freeze of procedure), corporate recovery and sale as a temporary or permanent liquidator, receivership and conducting extended interrogation in receivership and bankruptcy cases. In addition, the department assists banks and financial institution in realizing assets and obligations.
Notable cases:
- Since 2007 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 fully recovered, reached a balanced budget, municipal services are operating properly, and the paralyzed collection department of various municipal debts, is fully functional again and is collecting almost 10 times more then it used to collect in the past. The city is soon to achieve a comprehensive debtors agreement, paying hundreds of millions two its various debtors.
- Recovery of Vitamed Pharmaceutical Industries sold for 60 million NIS to Rekah Pharmaceutical Industry Ltd.
- 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 debtors.
- Apointed 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, NIS 22 million to be distributed among debtors.
- 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 debtors agreement for NIS 120 millions, pay all company 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 debtors agreement for A.G.M. Tefen Ltd (300 employees). According to the agreement, a 100% dividend for a total of NIS 8 million was paid to preferential debtors, and a dividend of 32% for a total of NIS 6 million was paid to regular debtors.
- Temporary liquidation of the construction company named the "Green Bahan" construction company, that was established to expand Kibutz "Bahan" by adding a 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 settllment 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.
