Restructuring and insolvency in Israel

Yehuda Raveh & Co.

Yehuda Raveh & Co.‘s team acts for distressed companies and creditors in relation to debt settlements, bankruptcy proceedings, liquidations and more. Chagai Ulman has a strong track record of serving as a court-appointed trustee in major bankruptcy cases, in addition to a wealth of experience negotiating creditor’s arrangements. In an ongoing matter, Ulman is representing Kardan’s bondholders and trustee in negotiations with bondholders involving NIS1bn debt.

Practice head(s):

Chagai Ulman

Work highlights

  • Acted as receiver for Eurocom Real Estate assets in a large insolvency case.
  • Acted as an observer and trustee to IDB development in large debt settlement case.
  • Advised The Hadassah Women’s Zionist Organization on a large debt settlement.

Amit, Pollak, Matalon & Co. Advocates and Notary

Amit, Pollak, Matalon & Co. Advocates and Notary represents banks, major corporations, NGOs and other creditors and debtors in high-value insolvency and bankruptcy proceedings, rehabilitation processes and debt settlements. Erez Haver is frequently appointed by the courts as a receiver, liquidator, special administrator or trustee in insolvency proceedings. He is currently serving as the court appointed trustee in bankruptcy proceedings regarding the real estate assets and company shareholdings of Malkier Sharbat (debtor) in the sum of NIS316m. The group is also currently handling debt collection for all of Israel's major banks, including Israel Discount Bank and Bank Haopoalim, and has additional strength assisting NGOs going through the process of restructuring and rehabilitation. With a range of clients that includes public and private companies, banks and investors, Moran Mordechay is very active in a wide range of mandates, spanning insolvency proceedings, liquidation, debt restructuring and credit and debt settlements.

Practice head(s):

Erez Haver

Key clients

Bank Hapoalim (TASE: POLI), Israel’s largest bank

Mercantile Discount Bank Ltd.

Israel Discount Bank Ltd. (TASE: DSCT)

Bank Leumi Le-Israel BM (TASE: LUMI)

Israel Tax Authority

Clal Insurance Company Ltd. (TASE: CLIS)

Government Companies Authority

Israeli Court and the Official Receiver

Israel Union Bank

Mustang Mezzanine Fund

Nawi Group

Fassi GRU S.P.A) Italy)

Mr. Israel Krois

Work highlights

  • Representing Clal Group in the debt settlement arrangement and rehabilitation plan for Mega Retail, formerly, one of Israel’s leading supermarket chains.
  • Appointed as a special administrator to Rubicon, Kela Fund and other companies in the group.
  • Representing Bank Hapoalim, as the largest creditor, with debt exceeding NIS23.9m in insolvency proceedings of the Gazal Nasser Company, a contracting company.

Fischer Behar Chen Well Orion & Co

Fischer Behar Chen Well Orion & Co  are active in liquidation and receivership cases, corporate rescues of distressed businesses, including acquisitions, debt settlements and other forms of restructuring and rehabilitation. It has experience representing creditors, debtors and all other concerned parties.  Amit Pines frequently serves as a liquidator, receiver or trustee for companies and commercial banks and also advises on corporate restructuring outside of court. Lihi Blumenfeld stands out for her experience acting as a liquidator or receiver to Israel's major banks. Pines and Blumenfeld are representing Bank Mizrahi-Tefahot in various recovery proceedings relating to distressed businesses in the retail and diamond industries, with total debts of over NIS700m.

Practice head(s):

Amit Pines; Lihi Blumenfeld

Other key lawyers:

Amit Pines; Lihi Blumenfeld

Key clients

Rosetta Genomics Ltd

Prop-Trade LTD

Otsar Aviel Ltd

Kardan Real Estate Enterprise and Development Ltd

Chavmal Ltd.

Bank Mizrahi-Tefahot Ltd.

Bank Hapoalim Ltd.

The Department of the Official Receiver at the Ministry of Justice

Shaked Partners Fund

Africa Israel Investments Ltd.

Sports organizations: Bnei Yehuda and Petah Tikva football clubs

Melisron Ltd.

Decor Furniture (2000) 1989 Ltd.

Soltam Radad Ltd.

S. Tanous Construction and Developing Ltd.

Mr. Yosef Greenfeld

Bonaich Lebnia Leami Ltd.

BSI Battery Solutions

Work highlights

  • Acting as legal adviser to The Department of the Official Receiver at the Israeli Ministry of Justice, serving as the liquidator of the Trade Bank (in liquidation), which collapsed due to a large fraud by a former employee and others.
  • Representing Bank Hapoalim in insolvency processes related to distressed businesses involving Shagrawi Brothers Co. (1989); the Bank is a secured creditor for an amount of NIS42m.
  • Advising Decor Furniture on its negotiation of an agreement with creditors to provide the company with necessary capital to address its debt of NIS100m.

Gornitzky & Co.

Gornitzky & Co. has a strong track record of representing financial creditors and insolvent companies through court appointments in leading insolvency cases. Standout practitioner Pinhas Rubin represents debtors, lenders and other creditors throughout the course of complex insolvency cases and restructuring matters. Rubin is acting as special administrator for Eurocom Communications throughout the course of its insolvency proceedings, and, assisted by a large team, as counsel to Bank Hapoalim, one of the Eurocom's main creditors, with the debtors' outstanding payments estimated to be NIS1bn. Yaron Elwahi and litigator Ofer Tzur are also noted.

Practice head(s):

Pinhas Rubin; Yaron Elhawi

Other key lawyers:

Pinhas Rubin; Ofer Tzur; Itay Geffen

Key clients

Bank Hapoalim Ltd.

Nitsba Holdings 1995 Ltd. (TASE: NTBA)

SDS – Star Defence Systems Ltd

Melisron Ltd

Liquidators of Agrexco Agricultural Export Co. Ltd

Shikun & Binui Ltd

Work highlights

  • Representing Bank Hapoalim as a major creditor in the bankruptcy proceedings against Mr. Eliezer Fishman as well as companies controlled by him (directly or indirectly).
  • Acting for Nitsba Holdings 1995, the former controlling shareholder of the Tel Aviv Central Bus Station and its largest creditor, in the insolvency proceedings of the Tel Aviv Central Bus Station.
  • Acting for creditor Shikun & Binui on the terms of its debt arrangement with debtor Africa Israel Group, including a dispute over the client’s right of first refusal in relation to the debtors’ plan to sell a portion of its holdings.

Lipa Meir & Co

Lipa Meir & Co's team is frequently instructed to act for distressed and insolvent companies on corporate restructuring options, and throughout insolvency proceedings, where team members are frequently appointed as liquidators. The firm also has expertise acting for lenders, including major banks, in the position of a trustee, receiver or liquidator during insolvency proceedings. Zuriel Lavie, who specialises in corporate rehabilitation and reorganisation and creditors' arrangements, is representing Eurocom Group in its restructuring and insolvency proceedings regarding its debt of $1.5bn before the Tel Aviv District Court. Name partner Lipa Meir is another key practitioner.

Key clients

Eurocom Group (Communications, Real estate, Hi-Tech and Renewable Energy)

Shareholders of Alon Israel Oil Company Ltd.

Mega Retail Group

Zim Integrated Shipping Services Ltd.

Rubicon and Kela Fund

Beresheit Leveraging Fund – Genesis Partners

KAL Binyan

The Carmel Academic Center


Bank Hapoalim Ltd. (TASE: POLI)

Work highlights

  • Acting for Eurocom Group in high-profile restructuring and insolvency proceedings.
  • Representing the Mega Retail Group, an Israeli supermarket chain known as “Mega”, in restructuring and insolvency proceedings, including Chapter 11 proceedings, which involves supporting the appointed trustees throughout the proceedings, advising on the creditors’ arrangement and a sale transaction to Bitan Wines.
  • Representing Bank Hapoalim in multiple insolvencies, including litigation connected to the realisation of the Princess Hotel in Eilat.

Shibolet & Co.

In addition to receiving appointments from companies undergoing voluntary liquidation or reorganisation, Shibolet & Co. is frequently instructed by the courts in insolvency proceedings, where 'utterly relentless litigatorJoseph Benkel is the key name. Benkel is regularly nominated as a trustee, liquidator or receiver in major cases, including serving as the trustee for the companies which hold and operate the Central Bus Station in Tel Aviv, involving the management of claims from creditors totalling over NIS1bn. In another significant appointment, Benkel is serving as trustee in Eliezer Fishman's bankruptcy, which is the largest bankruptcy case concerning an individual in Israel. Associate Omer Bar Ilan is notable for his role in major bankruptcy and insolvency mandates, such as Eliezer Fishman's NIS4bn bankruptcy proceedings.

Practice head(s):

Joseph Benkel

Other key lawyers:

Joseph Benkel


‘In contentious insolvency, the firm is excellent at unravelling complex corporate structures, identifying hidden assets and the like.’

‘The team is well-balanced with Joseph Benkel as experienced lead partner and Omer Bar Ilan as a responsive and easy to communicate with associate. They take their time to explain the background to disputes and their strategy. Both are friendly and to the point.’

Key clients

Bank Hapoalim Ltd.

Central Bus Station in Tel – Aviv (Court nomination)

Eliezer Fishman’s Bankruptcy (Court nomination)

Tirzalit Ltd. (in Liquidation) (Court nomination)

Fishman Family Properties Ltd. (in Liquidation) (Court nomination)

Hashkaot Kedayot Ltd. (Court nomination)

Adv. Ady Fighel in his role as trustee of the creditors’ composition of Inventech Central Hotels Ltd.

Fishman Family Properties Management (1988) Ltd. (in Liquidation) (Court nomination)

Maavar Ltd. (in Liquidation) (Court nomination)

LAHAV LR Real Estate Ltd

Echtman – Engineering corp. Ltd.

Alexion Pharmaceuticals Inc.

Work highlights

  • Advising Bank Hapoalim on the debt reorganisation of a client totalling several million dollars.
  • Acting for the trustee of the creditors’ composition of Inventech Central Hotels (in liquidation), a public company which owned hotels and real estate in Hungary and Romania , as well as a subsidiaries registered in Hungary and the Netherlands and offshore entities.
  • Serving as the co-special administrator to insolvent company, Fishman Family Properties Management, which has NIS1.3bn debt.

Weksler, Bregman & Co., Advocates

Weksler, Bregman & Co., Advocates' practice represents numerous institutional entities and banks as creditors in debt collection and liquidation proceedings, often through court appointments in which members of the team are selected as special administrators, trustees and receivers. The group stands out for its position as counsel to the Official Receiver in the Ministry of Justice, which results in the firm handling the liquidation of major clients including Bank of North America and Israel's Trade Bank. Michal Leder Rosen specialises in rehabilitation arrangements for distressed companies, in addition to representing clients during insolvency proceedings in court. Doron Dan is particularly notable for his expertise in liquidation proceedings and his strong track record in high-stakes civil and commercial law disputes.

Practice head(s):

Uri Bergman

Other key lawyers:

Michal Leder Rosen; Doron Dan

Key clients

Africa Israel Group

Negev Ceramics Ltd.

The Official Receiver of Israel

Maayan Ventures Bondholders

Africa-Israel Hotels

Companies from the Negev Ceramics Group

Danya Cebus Ltd.

Companies from the Negev Ceramics Group

Representation of a foreign company debenture holder


Collection SOHO Ltd.

Africa Israel Industries Ltd. and Packer Steel group

Gmul Investment Co. Ltd. Bondholders

Binan Investment Co. Ltd Bondholders

Work highlights

  • Advised Africa Israel Group on its successful NIS3bn debt settlement with bondholders.
  • Acted for the Official Receiver on the liquidation of the Bank of North America, including the management of lawsuits against debtors valued at millions of NIS.
  • Representing HSBC in the insolvency proceedings of Eurocom Communications with respect to a debt of approximately $6m as part of an arrangement to the amount of $350m.

Yigal Arnon & Co

Yigal Arnon & Co's team receives a high volume of court appointments in insolvency cases, with team members serving as liquidators, trustees and special managers. The firm also has expertise representing creditors, including debenture holders and institutional investors, in debt restructuring and collection proceedings. Amnon Lorch has a strong track record acting for banks and distressed companies during insolvency proceedings and prior to such proceedings in relation to loan syndications and reorganisations. Lorch is representing Israel Discount Bank in its debt collection proceedings against Eurocom Communications in the position of a special manager to Eurocom Communications. Gil Oren and Yuval Bargil are other key practitioners.

Practice head(s):

Amnon Lorch; Gil Oren; Yuval Bargil

Other key lawyers:

Amnon Lorch

Key clients

Israel Broadcasting Authority (IBA)

Fifth Dimension Holdings


Israel Discount Bank Ltd. (IDB)

Bank Leumi Le Israel BM (TASE:LUMI)

Union Bank of Israel Ltd.

Mizrahi Tefahot Bank Ltd.

FIBI – First International Bank of Israel

Mercantile Discount Bank

Psagot Investment House Ltd.

CIB Bank


Schlumberger Limited.

Panasonic Asia Pacific Pte. Ltd

Habas Group (TASE:HBS)

Africa Israel Industries Ltd.

Work highlights

  • Appointed by the Official Receiver to oversee the insolvency of Israel Broadcasting Authority.
  • Representing IDB in relation to the insolvency of its clients, including being appointed as receivers and acting towards the realisation of assets (including various real estate assets) which such clients pledged in favour of IDB.
  • Acting for the holders of debentures of Habas Investments (1960) with respect to a NIS450mion debt arrangement with Habas due to the failure of the company to pay its debts to the debenture holders.

Erdinast, Ben Nathan, Toledano & Co.

In addition to receiving regular court appointments to serve as special managers, liquidators, receivers or trustees during insolvency cases, Erdinast, Ben Nathan, Toledano & Co. frequently handles corporate restructuring outside of court through acquisitions of distressed companies. The group also has a strong track record representing bondholders of foreign and domestic companies in debt settlements: in one such matter, the group successfully represented the bondholders of Medley Capital in a settlement of NIS400m, securing approval and payment of the full amount sought. Alon Binyamini has particular experience of receivership proceedings and creditors' arrangements. Raanan Kalir is the other key name.

Practice head(s):

Alon Binyamini; Raanan Kalir

Other key lawyers:

Alon Binyamini

Key clients

Mr. Moti Ben-Moshe

IDB Development Ltd. Series N bond holders

Bond holders of Medley Capital

Liquidator of BSR Europe Ltd.

Creditors of the “Malrag”

The Gabai Group, controlled by Mr. Eli Gabai

Excellence Investment House

The Series A bondholders of Kardan N.V.


Rainmaker Investments GmbH

Dor Alon Energy in Israel (1988) Ltd.

Naaman Group

Alon Blue Square Israel Ltd.

Blue Square Real Estate Ltd.

The bondholders of: Synergy Cables Ltd., Degal, Kamur, Afsek, Orkit, Eurotrade, Dorea, Tao

Directors of Brookland Upreal Limited

Work highlights

  • Acting for Alon Blue Square-Israel and Extra Development and Entrepreneurship in litigation.
  • Advising Rainmaker Investments with regards t Matomy, its shareholders, who are owed NIS100m.
  • Representing the directors of Brookland Upreal in a class action suit filed against it after the company entered insolvency.

Friedman, Yunger & Co. Advocates

Friedman, Yunger & Co. Advocates is regularly engaged in insolvency cases through appointments to serve as liquidator, special administrator or receiver. The firm also represents financial creditors, including major banks, in debt collection claims. Itzhak Yunger is regularly appointed by the courts and retained by creditors and debtors to manage insolvency proceedings. He successfully defended the non-executive directors of IDB Holdings Corporation in a NIS650m lawsuit seeking to secure a return of dividends distributed by the company, which the trustee argued resulted in the company's collapse. Dan Friedman is the other name to note.

Practice head(s):

Itzhak Yunger; Dan Friedman

Other key lawyers:

Itzhak Yunger

Key clients

IDB Holdings Corporation

BSR Europe Ltd.

Clal Insurance Enterprises Holdings Ltd.

Hapoel Tel Aviv Football Club

Hardor Elite Design and Technology Ltd. . (Under Liquidation)

Dov Biran Ltd. (Under Liquidation)

Hapoel Petach Tikva

First International Bank of Israel

Or HaShen Ltd.

Jerusalem Municipality

Icom Entrepreneurship and Construction Ltd. (Under Liquidation)

Shmaya Construction and Development   Ltd. (Under Liquidation)

General Trade

Rav Bariah Group (Under Liquidation)

The Borenstein Brothers

Akavish Steel Doors (Under Liquidation)

Enosh Security and Maintenance Ltd. (Under Liquidation)

Ulpan Akiva Ltd. (Under Liquidation)

Pizza Meter Ltd.

RadGuard Ltd.

Work highlights

  • Acted for Hardor Elite Design and Technology on its sale for a price 400% higher than the original estimate while ensuring that the majority of employees retained their positions following the change in ownership.
  • Successfully represented Hapoel Tel Aviv Football Club in filing a motion to dismiss to the Bankruptcy Court concerning liability for damages in the amount of $22m; it was determined that such a claim had to be filed as a regular civil claim, and not as a motion before the Bankruptcy Court.
  • Representing Fibi in Gilon Investments’ insolvency proceedings.

Gissin & Co., Advocates

Gissin & Co., Advocates advises bondholders and bond trustees on debt arrangements with insolvent companies. It also acts for distressed companies through court appointments (as a receiver, trustee or liquidator) and during the sales process, negotiations with shareholders and other forms of corporate restructuring. Guy Gissin remains highly active in the field, particularly in relation to representing bondholders in major debt settlements. He serves as local counsel to Urbancorp on a cross-border restructuring, which is novel in that it is the first time a court in Canada has adopted the decision of a court in Israel concerning a Canadian company. Yael Hershkovitz is also noted.

Practice head(s):

Guy Gissin; Yael Hershkovitz

Other key lawyers:

Guy Gissin

Key clients

Be Communications Ltd.

Hermetic Trust

Reznik Paz Nevo Trusts Ltd.

Mishmeret Trust Ltd.

Bondholders of Africa Investments Ltd.

Bondholders of Brookland Upreal BVI

Bondholders of Starwood West BVI

Internet Gold Lines Ltd.

Gindy Investments

Work highlights

  • Advising B-Communications on a sale of control and debt settlement with its bondholders and shareholders.
  • Ongoing advice to Hermetic Trust, as the bond trustee, on a NIS3bn debt arrangement.
  • Acting for Mishmeret Trust, as the bond trustee, on a NIS50m refinancing and charge agreements relating to a loan to a Russian bank.

Gross Law Firm – GKH

Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav & Co.'s restructuring and insolvency group is frequently sought out by companies in financial distress to advise them on their dealings with bondholders and other creditors, which includes debt arrangements and refinancing. Additionally, members of the practice are appointed to act as liquidators during insolvency proceedings, with litigation specialist David Fohrer being the key name to note in this particular area of work. Aya Yoffe has notable expertise in debt restructuring; she is advising IDB Development Corporation on its negotiations with bondholders regarding four series of bonds issued to the public with an approximate value of NIS2.7bn, which is the total sum of the debt.

Other key lawyers:

David Fohrer; Aya Yoffe

Key clients

IDB Development Corporation Ltd.

Internet Gold Golden Lines Ltd

Urban Corp (Aubergine)

Alon Delek Ltd. – Alon Israel Oil Company Ltd.

Office Depot Ltd. (in liquidation)


Yated Ne’eman

Eliyahu and Yuval Orgad

EatWith Media Ltd.

KDM Engineering & Cranes Ltd.

Israel Petrochemicals



Plaza Centers N.V.

ZIM Integrated Shipping Services Ltd.

Work highlights

  • Representing Internet Gold in a debt restructuring vis-à-vis its public bondholders and other creditors.
  • Represented investors in a restructuring process of Urbancorp, following the latter’s liquidation.
  • David Fohrer is serving as the liquidator to America Israel Media, publisher of Playboy Israel.

Herzog Fox & Neeman

Herzog Fox & Neeman's 'extremely strong team' regularly represents creditors and debtors, including NGOs and venture capital funds, involved in voluntary and involuntary liquidations and involuntary insolvencies and restructurings, frequently with a cross-border component. Seffy Zinger is able to draw on previous experience with the Ministry of Justice, where he was responsible for drafting the new insolvency and bankruptcy legislation, giving the firm leading expertise in this area. Yaniv Dinovitch stands out for his 'litigation skills, sound advice and analytical thinking'.

Practice head(s):

Yaniv Dinovitch

Other key lawyers:

Seffy Zinger; Yaniv Dinovitch


‘The insolvency and restructuring practice is vastly experienced and creative.’

‘The firm’s insolvency and restructuring team is strong, super dedicated and professional. The members of the team always provide creative and high quality advice.’

‘The team is thoroughly professional, having the ability to respond to often fast moving events, whilst providing excellent legal advice and assistance.’

‘Yaniv Dinovitch is remarkably bright and has a real depth and breadth of experience and knowledge in all areas of insolvency, restructuring and related litigation, including complex and cross-border matters.’

‘Yaniv Dinovitch has excellent strategic and tactical instincts, coupled with strong black letter law skills and a friendly approach.’

Key clients

Alitalia Società Aerea Italiana (In Extraordinary Administration)

Ilwella Pty Ltd.

EntIT Software LLC and Entco Interactive (Israel) Ltd

Ayalon Insurance

Bank of Jerusalem Ltd.


Sears Israel

Sears Israel

Lahav Fund

Israel Electric Corporation

Y. H. Dimri Construction Ltd.

Yaakobi Steel for Concrete Ltd

Tymco Beer Ltd.

Premium – Confectionery & Trading Company Ltd. (Ferrero Rocher)

Work highlights

  • Assisting Alitalia Societa Aerea Italiana (in extraordinary administration) with all of the Israeli aspects of the insolvency of Alitalia’s Israeli branch.
  • Representing Bank of Jerusalem and Ayalon Insurance, as creditors, in the insolvency proceedings of Ortam-Malibu Holdings, involving novel issues regarding the relationship between the secured lender and its securities against other creditors.
  • Acting for the Israel Electric Corporation in the insolvency proceedings of Koor Metals.

Meitar law offices

Meitar law offices' team frequently represents creditors, including banks and large corporate creditors, in debt collection proceedings, and members of the team are often appointed by the court to serve as liquidators, receivers or trustees in insolvency cases. Eyal Rosovsky and Ali Bursztyn are representing Bank Leumi in proceedings against various companies controlled by Mr. Eliezer Fishman and his family, regarding a debt of more than NIS2bn. Pinni Yaniv represents domestic and international creditors in liquidations, reorganisations, bankruptcies and receiverships. Amir Dolev is another key name.

Practice head(s):

Pinni Yaniv; Amir Dolev

Work highlights

  • Representing Bank Mizrahi Tefahot in insolvency proceedings, including a stay of proceedings and creditors arrangement, of Discreet, a large Israeli retail fashion chain.
  • Advising Fobus International Ltd on a creditors’ scheme of arrangement for Ultraplast Industries.
  • Assisting Matomy Media Group with a debt settlement with bondholders and other creditors.

Attias, Grauer, Vishnitzki, Inbar, Hakim & Co

Led by Ron Hakim, Attias, Grauer, Vishnitzki, Inbar, Hakim & Co's team acts in insolvency and bankruptcy proceedings through court appointments and as creditors' counsel, as well as often advising distressed companies on debt restructuring and asset realisation outside of court. Hakim's work with private companies or their creditors often results in successful debt resolutions and restructuring processes that enable companies to remain in business.

Practice head(s):

Ron Hakim

Eitan Mehulal Sadot, Advocates & Patent Attorneys

The restructuring and insolvency group at Eitan Mehulal Sadot, Advocates & Patent Attorneys has experience of acting as trustees, as receivers of companies and properties, and as liquidators and special managers of companies in various industries. The firm has a particularly strong reputation in the real estate industry, where it acts in liquidation proceedings and handles debt repayment. Karen Reichbach-Segal stands out for her proven ability to assist with managing and dissolving multinationals and disposing of real estate.  She is leading advice to Bank Hapoalim on its attempt to collect a NIS5m loan extended to insolvent company Bnei Baker Zoabi Contractors.

Practice head(s):

Karen Reichbach-Segal

Other key lawyers:

Karen Reichbach-Segal

Key clients

The Phoenix Insurance Company Ltd.

Vrt Power

Israel Tax Authority

Bank Hapoalim Ltd.

Union Bank of Israel Ltd.

XT Holdings Group

Keter Holdings

Altshuler Shaham Group

Oron Group Investments & Hldg Ltd.

Cedar Fund


Blades Technology Limited

Amitech Real Estate Management & Development

Work highlights

  • Acting for three members of the board of directors as well as the CFO of Elran following the violation of a creditors’ arrangement and the appointment of a liquidator.
  • Appointed as a trustee in the stay of proceedings of Honigman & Sons.
  • Acting for Vrt on a collective bargaining agreement with the National Employees’ Union concerning the company’s closing procedures.

Goldfarb Seligman & Co.

Goldfarb Seligman & Co.'s practice acts for domestic and international companies, shareholders, debenture holders, banks and various other clients on debt restructuring, voluntary and involuntary liquidation and insolvency and bankruptcy proceedings. The firm is advising Alon Israel Oil Company on its NIS1.8bn debt settlement, involving multiple complex court proceedings. Aaron Michaeli has particularly strong expertise in M&A between distressed companies, in addition to a wealth of experience representing companies during debt settlements and insolvency proceedings. Asher Engelman, who joined the firm in 2019 from PwC Israel, is known for his expertise in corporate recovery and insolvency proceedings, in which he is often appointed by the courts to oversee debt resolutions.

Practice head(s):

Aaron Michaeli; Asher Engelman

Key clients

Alon Israel Oil Company Ltd.

Dor-Alon Energy In Israel (1988) Ltd.,

Isracard Ltd.

Y. ZC holdings company Ltd.

Ampal-American Israel Corporation Ltd.

Menora Mivtachim Insurance Ltd.

Dan Public Transportation Co. Ltd.

Nahor Ltd.

A.Y.R.A.D Investments Ltd.

Israel Agricultural Bank Ltd.

Israel Discount Bank Ltd.

Naveh – Gad Building Development Ltd.

Sapac Trading Ltd., Thermostat For Israel Ltd.

Ramat-Hanasi Gav-Yam Rassco Ltd.

Tapugan Industries Ltd.,

New Lineo Cinema (2006) Ltd.

Elad Israel Residence Ltd.

Work highlights

  • Acting for the controlling shareholders of Y. ZC Holdings Company Ltd. (“the Neuman Group”), Israeli businessmen Tzahi and Chen Neuman (“the Neuman brothers”), on their NIS1bn bid to acquire the controlling stake in Bezeq Israeli Telecommunication Co. Ltd.
  • Advised Kardan Yazamut (2011) Ltd. and Kardan Israel Ltd. on their restructuring by way of statutory merger.
  • Represented senior officials, executives and directors in insolvency-related legal proceedings.

M. Firon & Co Advocates and Notaries

M. Firon & Co Advocates and Notaries's team is frequently appointed as receivers and trustees in insolvency cases and stay of proceedings, and has additional expertise overseeing debt arrangements and in representing clients in liquidation. Ron Bar-Nir has a particularly strong reputation as a court-appointed receiver in Israel and Romania. Shay Bar-Nir also handles a significant portion of the firm's mandates, specialising in liquidation proceedings, debt restructuring and bankruptcy cases.

Practice head(s):

Ron Bar-Nir

Key clients

Shaked Partners

Diplomat Distributers (1968) Ltd.

Elbit Technologies Ltd.

UFB Ltd.

Resnik Paz Nevo Trusts Ltd.

Tynics Israel Ltd.

Migdal Insurance Company Ltd.

Gazit Globe Ltd.

El Srad Ltd.

Work highlights

  • Representing Elbit  in the insolvency proceedings of Chim Nir.
  • Acting for Israeli fashion group El Srad in a number of insolvency procedures.
  • Representing a major importer of home and cooking products in a temporary stay of proceedings.

Naschitz, Brandes, Amir & Co.

Naschitz, Brandes, Amir & Co. is frequently appointed to represent debtors in insolvency and bankruptcy proceedings (as a trustee or receiver). Also of note is the firm's focus on the real estate and construction sector, which includes advising clients on major debt settlements with lenders. Alona Baumgarten  has significant experience representing creditors and distressed companies in high-value insolvency and bankruptcy proceedings. She is acting for Global Max and Globus Network in bankruptcy proceedings regarding the client's 11 cinemas across Israel.

Practice head(s):

Alona Baumgarten

Other key lawyers:

Alona Baumgarten

Key clients

Bank Hapoalim

Clal Insurance Enterprises

Gaya Building & Development

Globus Max & Globus Network

Leadcom Integrated Solutions

Mercantile Discount Bank

Muller Brothers Construction & Development

S. Tanus Construction & Development

Shtula Metal-G

Work highlights

  • Representing real estate company S. Tanus Construction & Development in bankruptcy proceedings.
  • Advising Bank Hapoalim on its role as creditor of Chayon Distribution Computers.
  • Acting as official receiver for Leadcom, one of the world’s leading companies in the installation of cellular antenna systems.

S. Horowitz & Co

S. Horowitz & Co has particular expertise acting for major banks as creditors in insolvency proceedings but also represents distressed companies in voluntary liquidation proceedings, advises clients on rehabilitation and refinancing arrangements, and handles high-value receiverships. Ran Feldman represents creditors and debtors in insolvency cases, often through appointments to act as a liquidator. Ran, together with Ehud Arzi and Shlomi Delgo, is acting for Bank Hapoalim in several proceedings relating to the recovery of loans with an accumulative value of $250m. Michelle Liberman is also noted.

Other key lawyers:

Ran Feldman; Ehud Arzi; Shlomi Delgo

Key clients

Bank Hapoalim Ltd. (TASE: POLI)

Mizrahi-Tefahot Bank Ltd. (TASE: MZTF)

Warner Bros. Entertainment Netherland B.V

American Apparel Retail (Israel) Ltd.

Tamarins Ltd.

Liquidators of the Angel Group

Israel Discount Bank Ltd. (TASE: DSCT)

Bank Leumi

The Weizmann Institute of Science and Yeda Research & Development Co. Ltd.

Work highlights

  • Representing Bank Hapoalim in a number of proceedings for the recovery of loans in excess of approximately $250m owed by the Kachtan Group.
  • Acting for Weizmann and Yeda in an unprecedented unjust enrichment suit brought in the Tel Aviv District court by Irving H. Picard, the trustee over Bernard L. Madoff and Bernard L. Madoff Investment Securities LLC’s assets.
  • Representing Warner Bros. in connection with the petition for a stay of proceedings filed by cinema chain Globus Max.

Shimonov & Co. - Law Firm

Shimonov & Co. - Law Firm is particularly well regarded for its representation of clients in bankruptcy proceedings, particularly in relation to creditor negotiations. The team is also active in distressed M&A and other corporate transactions involving companies going through insolvency or bankruptcy proceedings. Amir Bartov  is the key name.