Foreclosure of 65 Million ILS for Real-Estate company directors

According to Israeli magazine (Hebrew) Calcalist, a Tel-Aviv district judge has imposed a foreclosure writ over real estate rights and securities for 3 directors of the company Rilon, operating in eastern Europe and which has collapsed in 2010. The court order was given following a lawsuit submitted by the court appointed special manager, Adv Renen Gerst, issued to reclaim an amount of 41 Million ILS due to forbidden dividends issuance during 2009. Many professional foresee that I light of the new insolvency law, which went into effect September 2019 personal director liability for company’s affairs is going to increase.

If you would like to read the Hebrew article – you can do so HERE.

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