Firms To Watch: Restructuring and insolvency

The insolvency practice at AYR – Amar Reiter Jeanne Shochatovitch & Co has gained traction since boutique firm Amit Lederman & Co merged into the department in 2019.

Restructuring and insolvency in Israel

Amit, Pollak, Matalon & Co. Advocates and Notary

Amit, Pollak, Matalon & Co. Advocates and Notary houses one of the most active restructuring practices in the market, acting on a huge volume of insolvency, bankruptcy and receivership cases. The firm advises debtors, creditors, investors and other stakeholders on all aspects bankruptcy-related matters, including recovery processes, insolvency proceedings, debt collection and banking litigation. Department head Erez Haver is recognised for his broad banking and commercial litigation expertise and is frequently appointed to manage insolvency proceedings. Moran Mordechay is also well versed in contentious and non-contentious insolvency matters.

Practice head(s):

Erez Haver

Other key lawyers:

Moran Mordechay

Key clients

Israeli Court and the Official Receiver

Rubicon Business Group Ltd.

Israel Discount Bank Ltd.

Bank Hapoalim

Bank Leumi Le-Israel BM

Mercantile Discount Bank Ltd.

Union Bank Ltd.

Migdal Hazohar Ltd.

Clock Square Ltd.

Israel Tax Authority, Treasury Department of the Ministry of Finance

Registrar of Non Profit Associations and Organizations, Division of the Corporations Authority in the Ministry of Justice

A group of holders of debentures of Harel Mall

Nawi Group

Aura Israel– Entrepreneurship and Investments Ltd.

I.S.P. Financial Management Ltd.

Brenmiler Energy Ltd. & Brenmiler Energy (Rotem) Ltd. (Brenmiler Group)

Ashplast Plastic Trade & Industries 1999 Ltd. (APT)

Clal Insurance Company Ltd. and Clal Credit Insurance Ltd.

Adv. Avi Hadar and Ms. Emma Inozemtseva

Work highlights

  • Represented Bank Hapoalim in seven debt collection cases, involving investigations and location of assets, the realisation and sale of assets, numerous court motions and more, with a total combined value of $350m.
  • Advised Aura Israel – Entrepreneurship and Investments on the collection of $5.3m in debt owed to Aura as creditor in the insolvency proceedings of the Ortam-Malibu Group.
  • Advised Ashplast Plastic Trade & Industries 1999 on a stay of proceedings and trustee appointment for the management of Ashplast, due to debts amounting to NIS80m.

Arnon, Tadmor-Levy

Arnon, Tadmor-Levy has an emphasis on creditor-side engagements and distressed M&A. In terms of the former, it leverages the wider firm’s strong finance credentials to specialise in advising banks and financial services companies in bankruptcy and debt matters, including recent work for Israel Discount Bank, Mizrahi-Tefahot Bank and Nomura International. On the M&A front, it advised Do-Tsach on the acquisition of shares of a company holding rights in Modiin Energy from the court-appointed trustee of IDB Development Corporation. Amnon Lorch‘s combination of corporate, banking and litigation expertise ensures he is well equipped to advise on the full range of bankruptcy matters. Gil Oren and Yuval Bargil are also noted.

Other key lawyers:

Danit Rimon; Amnon Lorch; Gil Oren; Yuval Bargil; Eyal Aichel


‘They are true professionals. They are always well prepared for hearings; always available to contact; always cooperative and helpful.’

‘Amnon Lorch, Orna Sasson and Yuval Bargil act as courts’ trustee, or represent parties in insolvency cases. I can certainly say that they (and their staff) are highly professional, and it’s always a pleasure working with them.’

‘An amazing and smart team. Eyal Aichel is fabulous.’

Key clients

Israeli Ministry of Justice

Arbel Fund – an investment fund

Numora International PLC

Eurocom Communications Ltd.

Africa Israel Industries Ltd.

Globus Max Ltd.

Packer Construction Steel LP

NMC United Entertainments ltd.

Habas Investments (1960) Ltd.

Scorpio Real Estate Ltd.

NAM 5 Ltd.

Trax Retail Solutions Ltd.

Do-Tsach Ltd.

Victory M. Marketing Ltd.

Fifth Dimension Holdings Ltd.

CIB Bank

Habas Star B.V.

Homat Magen Defence Technologies Ltd.

Eurocom Cellular Communications Ltd.

Eurocom Digital Communications Ltd.

Tuboul Ceramics Ltd.

GlobaLinks Group

Bakal Zamir Real Estate Ltd.

Magisto Ltd.

Rounds Ltd.

Bank Leumi Le Israel BM

Israel Discount Bank Ltd.

Mizrahi Tefahot Bank Ltd.

FIBI – First International Bank of Israel

Union Bank of Israel Ltd.

Mercantile Discount Bank

Work highlights

  • Acted as a court-appointed receiver on behalf of Israel Discount Bank to enforce a charge over shares of an Israeli newspaper.
  • Represented Nomura International as a creditor in Delek Group’s restructuring.
  • Represented Arbel Fund, as creditor, in several proceedings, including in a debt settlement with A.N.G. Group.


FISCHER (FBC & Co.) fields a go-to group for complex, large-scale restructurings. Among its recent headline-grabbing cases, the group represented All Year Holdings Limited BVI in its $2.5bn cross-border restructuring. In addition to debtor representations, the group advises investors, creditors, administrators and receivers in the full range of restructuring and bankruptcy matters. Department head Amit Pines has an impressive track record in representing all stakeholders in contentious and non-contentious insolvency matters. Lihi Blumenfeld has extensive experience in liquidation and receivership procedures, including litigation. The key partners are supported by talented associate Tal Arazi.

Practice head(s):

Amit Pines; Lihi Blumenfeld

Other key lawyers:

Tal Arazi; Omer Salzberg; Nofar Mizrahi


‘A very efficient and talented team.’

‘Adv. Amit Pines is a great litigator and negotiator.’

Key clients

Ayalon Insurance Company Ltd.

Hermetic Trust (1975) Ltd.

Mercantile Discount Bank Ltd

Kenyon Harel Ltd.

Chavmal Ltd.

Bank Mizrahi-Tefahot Ltd.

Bank Hapoalim Ltd.

The Department of the Official Receiver at the Ministry of Justice

Otsar Aviel Ltd

Kardan Real Estate Enterprise and Development Ltd

Africa Israel Investments Ltd.

Melisron Ltd.

Decor Furniture (2000) 1989 Ltd.

Soltam Radad Ltd.

S. Tanous Construction and Developing Ltd.

Bonaich Lebnia Leami Ltd.

Mr. Lev Leviev

All Year Holdings Limited BVI

Landco Israel Entrepreneurship Management Ltd.

Mr. Joseph Grunfeld

Beit Fishman Reshatot

Work highlights

  • Representing Hermetic Trust (1975), as trustee for series 9 bond holders of IDB Development Corporation, in the corporate restructuring of IDB.
  • Representing Bank Mizrahi-Tefahot, as creditor, in various processes related to distressed businesses, totalling NIS750m.
  • Representing All Year Holdings Limited BVI in its $2.5bn cross-border restructuring.

Gornitzky & Co.

Gornitzky & Co. is highly regarded for its management of insolvency proceedings on behalf of corporations, creditors, shareholders, financial institutions and private equity sponsors. The group’s ability to lean on other departments in the wider firm, particularly banking, securities and litigation, equips it to advise on complex, multi-layered, or cross-border insolvencies. Firm chairman Pinhas Rubin maintains a broad, interdisciplinary practice, which combines strength in restructuring with litigation, corporate and administrative law expertise. Restructuring expert Yaron Elhawi and litigation head Ofer Tzur are also noted.

Practice head(s):

Pinhas Rubin; Ofer Tzur; Yaron Elhawi; Kfir Yadgar

Other key lawyers:

Ofer Fleischer


‘We highly recommend working with Gornitzky. They do an excellent job and are experts in their field. In fact, when we first encountered them, they represented the opposing side in a dispute in 2016. Their work impressed us and we ended up hiring them as our main legal representation.’

‘They think outside the box and have an impressively deep understanding of the law. The team can dissect complicated situations and come up with creative solutions that bridge between legal constraints and business goals.’

‘Gornitzky has helped us manage tough situations that involved investors in particularly complicated circumstances, shareholder activism, and companies in distress. While some firms opt for decisive and forceful solutions, Gornitzky always find ways to leverage challenging situations and provide their client with the solutions that will benefit them the most both in the short and long term.’

‘The team, led by Ofer Tzur, is highly professional, available around the clock, knows how to offer solutions to complex issues in a creative way and provides unique thinking.’

‘Ofer Tzur has excellent management skills in addition to his legal abilities. Ofer knows how to lead the team and find legal solutions within short schedules.’

‘Kfir Yadgar is an outstanding lawyer who also has very good business knowledge. He has excellent knowledge of the legal aspects of the industry and has a sharp eye for business. He navigates elegantly between legal limitations and commercial opportunities.’

‘Ofer Tzur and Ofer Fleischer are both exceptionally professional and easy to work with’

‘Ofer Fleischer is also a partner at Gornitzky who we enjoy working with. We appreciate his insightfulness and broad knowledge. He is clever and very creative with anything related to legal challenges.’

Key clients

All Year Holdings Limited

Delek Group Ltd.

IDB Development Corporation Ltd.

The representatives of the bondholders (Series A) of Related Commercial Portfolio Ltd. Strauss Lazar Trustees (1992) Ltd. And Bondholders’ representative.

Former officers of the Better Place Group – Idan Ofer, Amir Elstein and Eran Sarig.


Bank Hapoalim Ltd.

Liquidators of Agrexco Agricultural Export Co. Ltd.

Nitsba Holdings 1995 Ltd.

Gishmei Chaim

Cannabics Pharmaceuticals Inc.

Israeli Football Association

Berggruen Residential Ltd.

The Official Committee of Unsecured Creditors of Immune Pharmaceuticals Ltd.

Whitefort Capital Management, L.P.

Commercial Centers (AZO-REIT) Ltd.,

Royal App Ltd.

SDS – Star Defence Systems Ltd.

Work highlights

  • Represented Delek Group in negotiations to execute a debt settlement with the group’s bondholders.
  • Represented Nitsba Holdings 1995, as 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.
  • Advised Bank Hapoalim on numerous insolvency matters, including representing it as the largest creditor in Eliezer Fishman’s insolvency proceedings, involving NIS1.8bn in debt.

Lipa Meir & Co

Lipa Meir & Co is widely recognised for its premier debtor-side practice. The group is often the first port of call for major distressed companies looking for support on complex domestic and cross-border restructurings, such as its recent work for Mega Retail Group, Delek Group and Eurocom Group. The well-rounded practice also acts for creditors, investors and other stakeholders in high-profile cases. Additionally, its lawyers are frequently appointed as trustees, liquidators and receivers. Department head Zuriel Lavie has a hand in many of the largest restructurings in the market, with notable experience in cross-border cases. Shirley Ifrach-Azor represents both companies and creditors on the full range of restructuring and insolvency matters. Founding partner Lipa Meir is considered by many as a reference in the area.

Practice head(s):

Lipa Meir; Zuriel Lavie; Shirley Ifrach-Azor

Key clients

Delek Group Ltd

Starwood West Ltd.

Mega Retail Group

Kal Binyan

Mr. Nochi Dankner

Bar-Ilan University

The Carmel Academic Center, Haifa

Eurocom Group

Mr. Yossi Maiman and Merhav (M.N.F) Ltd.

UNO Academic College and Peres Academic Center


Lapidot Capital Ltd.

Rubicon Group and Kela Fund

Guri TPL logistics LTD

Work highlights

  • Acting as a trustee for US-based Starwood West, which had issued bonds on the Tel Aviv Stock Exchange and indirectly holds seven shopping malls and commercial centres in the US.
  • Representing Lapidoth Capital in its acquisition of distressed company, Africa Israel Investments.
  • Representing higher education institutions, The Ono Academic College and the Peres Academic Center, in relation to the insolvency proceedings of the Or Yehuda College – Center for Academic Studies.

Shibolet & Co.

Shibolet & Co. finds favour for being ‘very knowledgeable about claims which span multiple jurisdictions‘. Its adroit handling of cross-border bankruptcy cases is evidenced by its recent case list, which takes in matters involving Europe, Latin America and North America, with its New York office a useful asset in US-related work. The team is also distinguished by its partners’ frequent appointments as trustee, liquidator or receiver in insolvency proceedings. Joseph Benkel has a ‘master tactician’s brain' and is highly regarded for his experience in contentious cases. Amir Frankl and associate Omer Bar-Ilan are also noted.

Practice head(s):

Joseph Benkel; Amir Frankl

Other key lawyers:

Omer Bar-Ilan; Nirit Avtalion; Nir Shamri; Jonathan Ashkenazi


‘Experienced, committed and tenacious disputes and insolvency team specializing in complex Israeli insolvencies and related cross-border creditor recovery enforcements.’

‘The Shibolet team has real strength-in-depth. They have top-of-the market talent at every level. They think holistically about problems and can see approaches that others miss.’

Worked collaboratively with the London-based external legal team, as well as the German team, on a cross-border dispute. Very knowledgeable about claims which span multiple jurisdictions.

‘Joseph Benkel is a tough and focussed leader with a master tactician’s brain. Really impressive.’

‘Joseph Benkel and Omer Bar-Ilan are very responsive. Joseph’s negotiating skills are impressive.’

‘Joseph Benkel is the best of the best. He is not only highly intelligent but he is a real strategic thinker. Omer Bar-Ilan is a future star whose intelligence and calm-under-pressure demeanour allow him to handle any challenge. Jonathan Ashkenazi is a real up-and-coming star who has wisdom beyond his years.’

Key clients

Bank Hapoalim Ltd.

Central Bus Station in Tel-Aviv

Eliezer Fishman bankruptcy proceedings

Tirzalit Ltd. (in Liquidation)

Hashkaot Kedayot Ltd.

Fishman Family Properties Ltd. (in Liquidation)

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

Dolphin IL Investments Ltd.

Yad Leviim Ltd., Eduardo Elzstain

Inventech Central Hotels LTD (in liquidation)

Maavar Ltd. (in Liquidation)

LAHAV LR Real Estate Ltd

Alexion Pharmaceuticals Inc.

Echtman – Engineering corp. LTD

Bank Hapoalim Ltd.

Central Bus Station in Tel-Aviv

Eliezer Fishman bankruptcy proceedings

Tirzalit Ltd. (in Liquidation)

Hashkaot Kedayot Ltd.

Fishman Family Properties Ltd. (in Liquidation)

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

Dolphin IL Investments Ltd.

Yad Leviim Ltd., Eduardo Elzstain

Inventech Central Hotels LTD (in liquidation)

Maavar Ltd. (in Liquidation)

LAHAV LR Real Estate Ltd.

Alexion Pharmaceuticals Inc.

Echtman – Engineering corp. LTD

Work highlights

  • Advising Bank Hapoalim in connection with the reorganisation of one of its client’s debt, totalling hundreds of millions of dollars.
  • Acting as a court-appointed trustee in Eliezer Fishman’s NIS4bn bankruptcy proceedings.
  • Acting as a trustee for the companies which hold and operate the Central Bus Station in Tel Aviv.

Weksler, Bregman & Co., Advocates

Weksler, Bregman & Co., Advocates‘ group is best known for its close links with financial institutions, and it is frequently called upon to act as creditor counsel to banks in major bankruptcy proceedings. It also represents corporates, both as debtors and creditors, in insolvency matters. Michal Leder Rosen specialises in corporate recovery, debt arrangements and contentious insolvency proceedings. Doron Dan is noted for his expertise in liquidation procedures. Ofer Yankovich has a focus on debt restructuring.

Practice head(s):

Ofer Yankovich; Doron Dan

Other key lawyers:

Michal Leder Rosen

Key clients

Africa Israel Investments Ltd.

Afdor Ltd.

Africa Israel Residences Ltd.

Africa Israel Urban Renewal Ltd.

Yarden Hotels M.H.Y. Ltd.

AY Electronics Ltd.

North America Bank Ltd. (in liquidation)

Trade Bank Ltd. (in liquidation)

Debenture Holders of Maayan Ventures Ltd.

Negev Group

Hermetic Trust Services (1975) Ltd., trustee of the bond holders of Gmul Investment Company Ltd.

A debenture holder of Urbancorp


Bank Hapoalim

Work highlights

  • Acting for Bank Hapoalim, as a creditor, in the debt restructuring proceedings of Delek Group and Yitzhak Teshuva’s group of private companies.
  • Acting for HSBC, as creditor, in the insolvency proceedings of Eurocom Group.
  • Representing Africa Israel Residences, as creditor, in the liquidation proceedings of U. Dori Construction.

Erdinast, Ben Nathan, Toledano & Co.

Erdinast Ben Nathan Toledano & Co. with Hamburger Evron‘s ‘vast experience in restructuring and insolvency‘ strikes the right note with clients, who also value its ability to ‘put pressure on the other side‘. The firm advises on the full range of bankruptcy matters, with particular expertise in acting for bondholders (including US bondholders) on debt restructurings — it notably represented bondholders in the restructurings of IDB Development, Israel Petrochemical Enterprises and of Delek Group. Distressed M&A is another practice strong suit. Raanan Kalir‘s comprehensive experience spans all insolvency matters, including receivership proceedings, creditors’ arrangements and stay of proceedings. Alon Binyamini co-heads the practice alongside Kalir.

Practice head(s):

Alon Binyamini; Raanan Kalir


‘Excellent understanding of the Israeli insolvency market and whatever it relates to.’

‘Sharp thinking, quick analytical qualities. Vast experience in restructuring and insolvency practice.’

‘Value the team’s ability to negotiate the terms of debt settlement and put pressure on the other side, while making other alternatives in case we don’t get to an agreement.’

‘The professional level was very high, provided quick responses in the day-to-day management.’

‘This practice is unique due to the level of legal analyses and experience exhibited by the individuals involved. The capabilities both in drafting and in legal representation in proceedings is exceptional, which positions the practice vey high among its competitors in Israel.’

‘A combination of top personal and professional treatment, specifically Raanan Kalir and Alon Binyamini.’

‘Both Alon Binyamini and Raanan Kalir have great financial understanding that enables them predict different scenarios and cover potential risks that may arise.’

Key clients

Holders of Delek Debentures

Israel Petrochemical Enterprises

IDB Development Ltd. Series 14 bondholders

Alon Blue Square-Israel and Extra Development and Entrepreneurship

Directors of Brookland Upreal Limited

The creditors of the “Malrag” company through Adv. Raanan Kalir as a position appointed to the Company

Bondholders of two series of bonds (G & H) of the Israeli ADO Group

“Excellence” Investment House

Series M bond holders of Sunny Cellular Communications Inc. (formerly “Scailex”)

Series A bondholders of KARDAN NV

Apex Issuances Ltd.

I G Investech Technologies Ltd.

Liquidator of BSR Europe Ltd.

Matis Capital Ltd.

Bondholders of Tao Yields Ltd.

Or Yehuda College

Ariz Marking and Packing Solutions Ltd.

Carasso Motors Ltd

Work highlights

  • Acting as receivers of the controlling shares for Discount Investment Corp, the main asset of the insolvent IDB Development Group.
  • Representing the holders of Delek Group’s debentures in connection with a debt of NIS6bn owed to the debenture holders.
  • Representing the bondholders of four different series of debentures in Israel Petrochemical Enterprise’s debt restructuring.

Gissin & Co., Advocates

Gissin & Co., Advocates has a strong reputation for its bondholder work and recently secured bondholder roles in a series of high-profile restructurings, including Africa Investments, Starwood West BVI and Brookland Upreal BVI. The firm also routinely represents other creditors, banks, shareholders and debtors in corporate recovery, receivership and liquidation proceedings. Guy Gissin is sought after for his specialist bondholder expertise and acted as the foreign representative in Canada-based Urbancorp’s cross-border restructuring. Yael Hershkovitz is also noted for her experience in debt settlements and international restructuring and insolvency cases.

Practice head(s):

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

Elag Group US 2019 bondholders

Group of Investors in All-Year

Work highlights

  • Acted as court-appointed trustee to Mishmeret regarding the company’s financial difficulties and breach of its undertaking under the deed of trust.
  • Represented a group of investors (Churchill Real Estate Holdings LLC and Graph Group) in their bid for the entire shareholding of All Year.
  • Represented B-Communication in a sale of control and debt settlement with its bondholders and shareholders.

Gross Law Firm – GKH

Gross Law Firm – GKH is well versed in all aspects of restructuring and insolvency work, including debt restructurings, distressed M&A and liquidations. The team is equally adept in representing creditors and debtors and is frequently involved in significant cases, such as its ongoing advice to Alon Israel Oil Company on the implementation of its debt arrangement, which involved debt of around ILS2.3bn. David Hahn  has an impressive track record in headline-grabbing insolvency matters and formerly served as the Guardian General and the Official Receiver of Israel. Capital markets head Aya Yoffe specialises in debt restructuring.

Practice head(s):

Aya Yoffe; David Hahn

Key clients

IDB Development Corporation Ltd.

Internet Gold Golden Lines Ltd

Alon Delek Ltd. – Alon Israel Oil Company Ltd.

Israel Petrochemicals Enterprises Ltd.

Office Depot Ltd. (in liquidation)

Playboy Israel

Eliyahu and Yuval Orgad

EatWith Media Ltd.

KDM Engineering & Cranes Ltd.

Mekorot Water Company Ltd

CHS Inc.

Cx Technologies

Robin Hood Pro. Ltd

Dr. Jeff Brooks

OZ Vision Ltd

The National Insurance Institute of Israel

Therapix Biosciences Ltd.

Tarya P2P

ION Terra

Work highlights

  • Represented IDB Development Corporation in its negotiations with bondholders in four series issued to the public – the total scope of the debt stands at approximately ILS2.7bn.
  • Advised Internet Gold Golden Lines on its ILS750m debt restructuring.
  • Appointed as a temporary trustee for Therapix Biosciences in its insolvency proceedings, and subsequently appointed as a trustee for the execution of the debt arrangement between the shareholders, the company and the creditors.

Herzog Fox & Neeman

Herzog Fox & Neeman represents a diverse mix of creditors, debtors, investors and buyout funds in restructuring and insolvency matters. The group stands out for its experience in multi-jurisdictional cases, as well as its strong links with foreign financial institutions. Both strengths were recently on view in its advice to Citibank, London Branch in proceedings aimed at realising security provided by the Delek Group. Yaniv Dinovitch has an emphasis on insolvency litigation and has also acted as liquidator and trustee in corporate insolvency matters. Of counsel Alan Sacks leverages his finance expertise to focus on advising local and international banks. Seffy Zinger and Asher Dovev are also noted.


‘HFN has an amazing insolvency and restructuring team. Lawyers are very knowledgeable with the capabilities to manage complex situations in very strict timetables. The team has a reputation for being market leaders across number of sectors, and particularly when it comes to cross-border matters and related litigation.’

‘The team at Herzog, Fox & Neeman stands out and gives us great confidence. Their team is integrated across a number of legal disciplines.’

‘Very clear in communication, very responsive and knowledgeable.’

‘I have been working with Yaniv Dinovitch from Herzog, Fox & Neeman’s restructuring group. Dinovitch is top-notch. He has the complete set of skills for a lawyer at his level. He is very effective in court, incredibly reliable, knowledgeable, practical, and tremendously experienced and hard working.’

‘Yaniv Dinovitch is hugely experienced in insolvency and corporate restructuring matters. He is very practical, impressive and a name in the market, particularly in matters involving multiple jurisdictions and working with leading multinational law firms. Yaniv always provides me with precise, timely and top quality advice.’

I trust the firm’s judgement. Lawyers are knowledgeable and practical, and very responsive. Yuval Navot and John Hanna Bitar in particular have been very good to work with.’

Key clients

Hutchison Group

CitiBank, N.A, London Branch

Alitalia Società Aerea Italiana S.p.A

BNP Paribas

Goldman Sachs International

HPIB (Israeli Branch)

Morgan Stanley

Newton Corporate Development, LLC

Ilwella Pty Ltd. (“Ilwella”), an Australian fund

College of Law & Business (R.A)

Sears Israel

YH Dimri Construction & Development Ltd.

Israel Electric Corporation

WSE Hong Kong Limited

Dolphin A.L (the controlling shareholder of the IDG Group)

Israel Discount Bank

Credit Suisse (London branch)

Lito Group

Saga Core Ltd (Sogur)


Jerusalem Bank

Meitav Dash

Ayalon Insurance Company

Prima Industrie S.p.A


Oath Israel

Minus One Ltd

Asia Cyrus Engineering & Construction LTD

Aga. S.H construction works Ltd

Work highlights

  • Represented the Hutchison Group in foreclosure proceedings over a controlling interest of Partner Communications.
  • Advised Citibank in relation to proceedings aimed at realising security provided by the Delek Group.
  • Advised Dolphin AL, as the controlling shareholder of the IDB Group, in a scheme of arrangement process with the bondholders of IDB.

Meitar Law Offices

Meitar Law Offices‘ practice specialises in representing professional creditors in insolvency cases. The team routinely advises on receiverships, creditors’ arrangements and restructurings, with strong experience in large-scale and cross-border matters. It is also noted for its expertise in complex, contentious cases, where it is distinguished by its ability to draw support from the firm’s top-tier litigation group. Pinni Yaniv has a focus on representing Israeli and international creditors in bankruptcy-related cases. Amir Dolev handles commercial and banking litigation, with an emphasis on insolvency proceedings.

Practice head(s):

Pinni Yaniv; Amir Dolev

Key clients

A. HaOmmer Chagai Investments ltd.

Bnei George Shukha Ltd.

Bank Leumi Le-Israel B.M

Bank Mizrahi-Tefahot

Littauer Ventures Limited

Mayer Cars and Trucks Co Limited

Agadim Group

Ericsson LM Ltd.

Oryx Ltd.

Twiggle Ltd.

Gazprombank JSC

Metea Maritime Company Ltd.

Vanora Maritime Company Ltd.

Work highlights

  • Acted as a receiver for the sale of the major asset of Mr. Ovadia, namely shares in the private company Destiny Holdings (1993).
  • Represented Bank Leumi in proceedings against various companies controlled by Eliezer Fishman and his family relating to a debt of over $600m owed by these companies to Bank Leumi.
  • Acted as co-liquidator in the insolvency proceedings of fashion retail chain, Honigman & Sons.

Shimonov & Co. - Law Firm

Capital markets specialist Shimonov & Co. – Law Firm has a focus on handling debt restructurings involving listed and traded companies. The group has acted on a slew of company-side mandates in recent months, including advising the debtor in the restructurings of Cal Auto Group and Fattal Holdings, among others. It also frequently represents investors in restructuring-related matters. Amir Bartov is highly regarded for his specialist expertise in debt restructuring.

Practice head(s):

Amir Bartov


‘The strength of the practice is that Shimonov is a well known capital markets law firm, therefore the insolvency team can give public companies that have entered into difficulties comprehensive support.’

‘Amir Bartov, head of restructuring, has massive experience in bondholders debt arrangements.’

‘Amir Bartov is a very smart, creative and enthusiastic lawyer and one of the leading lawyers in Israel in the area of restructuring and insolvency. He brings to the table practical tools, confidence and massive experience.’

Key clients

All Year Holdings Limited

Cal Auto Group

Fattal Holdings

Extell Development Company

Amos Luzon Development and Energy Group Ltd.

Elad Group

Kardan N.V. Group

Tahal Consulting Engineers Ltd.

Namco Reality Group

Mega Retail Ltd.

Sapir Corp Ltd.

Copperline Americas Limited

Ortam Malibu Group

Matomy Media Group

Work highlights

  • Retained by the board of directors of All Year Holding to advise on the restructuring of the company’s NIS2.5bn debt.
  • Advised Amos Luzon Development and Energy Group (formerly U. Dori Group) on its insolvency proceedings.
  • Advised Elad Group on discussions and negotiations with creditors following the Covid-19 crisis.

Goldfarb Gross Seligman

Goldfarb Seligman & Co.‘s multidisciplinary department draws on litigators with strong skill sets in insolvency, commercial litigation, class actions and administrative law. The group is frequently engaged by creditors and debtors to advise on domestic and cross-border reorganisations, including receiverships and liquidations. Asher Engelman leads the corporate recovery and insolvency practice and is often appointed by the court to various roles in insolvency proceedings. Hagit Blaiberg, Zvi Bar-Nathan and insolvency litigation head Aaron Michaeli are also noted.

Practice head(s):

Aaron Michaeli; Hagit Blaiberg; Zvi Bar-Nathan; Asher Engelman


‘A professional team. Creative and hard working. One of the top in its field.’

‘Goldfarb has a very strong restructuring practice. I have had very good experience with senior partner Aaron Michaeli, who is both a sharp practitioner and a great legal mind, with an impressive track record in legal proceedings.’

‘Aaron Michaeli is the partner with whom I had contact and is very impressive, and probably one of the best lawyers in the field in Israel.’

Key clients

Alon Israel Oil Company Ltd.

Dor-Alon Energy In Israel (1988) Ltd.

Related Commercial Portfolio Ltd.

Isracard Ltd.

Menora Mivtachim Insurance Ltd.

Dan Public Transportation Co. Ltd.

Shufersal Ltd.

BE Drugstores Ltd.

A.Y.R.A.D Investments Ltd. (Bank Leumi le-Israel B.M.)

Israel Agricultural Bank Ltd. (voluntary liquidation)

Israel Discount Bank Ltd.

Naveh – Gad Building Development Ltd.

Sapac Trading Ltd., Thermostat For Israel Ltd., and Elzi – Nir Holdings Ltd.

Ramat-Hanasi Gav-Yam Rassco Ltd., a partnership between Gav-Yam Ltd. and Rassco Residence Ltd.

Tapugan Industries Ltd.

New Lineo Cinema (2006) Ltd.

Elad Israel Residence Ltd.

Ramat Tivon Parental Dormitories Ltd.

The Israel branch of Wall Street English (formerly Wall Street Institute)

Matrix IT Ltd.

Six former directors of Orckit Communications Ltd.

Mrs. Doreen Saskin, wife of Mr. Alan Saskin, founder of Urbancorp

Shareholders in Captain Curry Ltd.

Orkal Solutions Ltd.

Mr. Haggai Alon, a former director in Pilat Group Ltd.

Adv. Jeremy Benjamin serves as the court-appointed receiver of Chiaro Networks Ltd.

Adv. Jeremy Benjamin serves as the court-appointed liquidator of the Tavor Gilboa Construction Group.

Albar Engineering Supervision and Project Management Ltd.

Kardan Yazamut (2011) Ltd.

Kardan Israel Ltd

Directors of Olimpia Real Estate Holdings Ltd. (in liquidation).

Treato Ltd.

AORA Solar Ltd.

Ramat Tivon Parental Dormitories Ltd.

Albar Engineering Supervision and Project Management Ltd.

Logistipharm Ltd.

Ultraplast Technologies 2018 Ltd.

Pentalum Technologies Ltd.

RiT Technologies Ltd.

Urban renewal and construction companies (including I.R.M Relty Ltd. and Oz Improvement and Development Ltd.).

Work highlights

  • Represented Related Commercial Portfolio in a debt settlement agreement with bondholders, involving ILS677m worth of debt.
  • Represented a former senior official of Better Place Israel (in liquidation) in legal proceedings integrating multiple legal issues and spanning numerous jurisdictions.
  • Advised the Israel branch of Wall Street English on a recovery plan, as well as related legal proceedings.

M. Firon & Co Advocates and Notaries

M. Firon & Co Advocates and Notaries handles a broad mix of bankruptcy-related proceedings, debt restructurings and distressed M&A. The firm stands out for its extensive experience in cross-border insolvencies. In particular, Ron Bar-Nir, who manages the Bucharest-based SCPA FIRON BAR-NIR side of the firm, is noted for restructuring and insolvency matters involving Eastern and Central Europe. Shay Bar-Nir is also a key contact and advises on the full scope of bankruptcies, liquidations, receiverships, reorganisations and debt settlements.

Practice head(s):

Ron Bar-Nir; Shay Bar-Nir

Key clients

Migdal Insurance Company


Mega Or

Shaked Partners

Mevaseret Mall


Dan Hotels

El Srad

Tel Aviv University

Y.B see mashabim

Dilon medical devices

Work highlights

  • Represented Mega Or in the acquisition of control of Discount Investment through liquidation proceedings in a NIS1.1bn transaction.
  • Acted as a special manager to BioNexus, a cyber company in liquidation proceedings.
  • Acted as a trustee of Engel Europe, formerly a public company traded on the TASE.

Naschitz, Brandes, Amir & Co.

Naschitz, Brandes, Amir & Co.‘s full-service restructuring and insolvency practice is particularly active in the construction sector, where it is advises debtors such as S. Tanus Construction & Development on restructuring proceedings. The group also acts for creditors, as well as being frequently appointed by the court to act as liquidator, receiver or trustee in insolvency cases. Department head Alona Baumgarten is equally adept at representing corporate entities and creditors in insolvency matters. Ohad Harel is also noted for bankruptcy and creditors rights.

Practice head(s):

Alona Baumgarten

Other key lawyers:

Ohad Harel

Key clients

Courts – Appointments as Trustees

Hapoalim Bank

Mercantile Discount Bank

Israel Discount Bank

Registrar of Fellowship Societies

Union Bank

Work highlights

  • Acting as the court-appointed trustee for Kal Nofesh, a tourism company that has accumulated debts of approximately NIS5m.
  • Acting as the court-appointed trustee for Discreet, an Israel-based fashion retailer that operates 45 stores in central locations all over the country.
  • Representing Clal Insurance Company in the insolvency case of A. Dori, which is part of a total of NIS30m in bad debt in respect of autonomous performance and quality guarantees that Clal has issued in leading projects.

S. Horowitz & Co

S. Horowitz & Co‘s banking and finance and dispute resolution teams frequently work hand-in-hand to advise on an array of restructurings, workouts and insolvencies. The multidisciplinary practice acts for debtors, creditors and officers in bankruptcy and reorganisation cases, with a strong recent record in representing banks. Ehud Arzi specialises in banking litigation, including insolvency-related matters. Ran Feldman has experience in liquidations, bankruptcies, receiverships and freezing orders.

Practice head(s):

Ehud Arzi

Other key lawyers:

Ran Feldman

Key clients

Israel Discount Bank Ltd.

Mr. Zelig Weiss, a co-partner in the William Vale hotel

Warner Bros. Entertainment Netherland B.V

Bank Hapoalim Ltd.

HSBC BANK PLC Israel Branch

Psagot Investment House and Training Funds for Teaching Staff

Mizrahi Tefahot Bank Ltd. B.V

Evature Technologies (2009) LTD.

Work highlights

  • Represented Israel Discount Bank in the insolvency proceedings of Eliezer Fishman, involving over NIS4bn worth of debt.
  • Represented Warner Bros. in connection with the petition for a stay of proceedings filed by cinema chain Globus Max in June 2017.
  • Represented Zelig Weiss, a co-partner in the William Vale hotel, in negotiations with bondholders in order to prevent the realisation of the pledge on the William Vale hotel in Brooklyn.

Yehuda Raveh & Co.

Insolvency is a core practice at Yehuda Raveh & Co. and the firm is often court-appointed to handle cases involving large public and private companies. The group strikes a balance between representing debtors and creditors on all insolvency-related proceedings, including restructurings, liquidations and receiverships. Department head Chagai Ulman is widely respected in the market and acted as court-appointed observer and trustee in the headline-grabbing IDB case. Noa Solomon Ben Meir also specialises in insolvency-related issues.

Practice head(s):

Chagai Ulman

Other key lawyers:

Noa Solomon Ben Meir

Key clients

Eurocom Real Estate

IDB Holdings (“IDB”)

Amitim Pension Fund (Creditors of Delek Group)

Israel Discount Bank and Bank of Jerusalem


El Al Pilots

Meitav Dash Group

Work highlights

  • Acted for the creditors of Alon Group in relation to a complex and substantial debt settlement.
  • Acted as trustee of IDB Holdings in its high-profile restructuring.
  • Acted for the Hadassah Women’s Zionist Organization in connection with the bankruptcy of Hadassah hospital.