The Insolvency Commissioner in Israel

THE INSOLVENCY COMMISSIONER IN ISRAEL
The field of insolvency includes bankruptcy and economic rehabilitation proceedings for individuals and corporations, creditors' settlements, liquidation and recovery proceedings and insolvency proceedings. All of these proceedings are conducted and conducted in accordance with the laws and regulations included under the Bankruptcy Ordinance, the Companies Act and the Bankruptcy and Economic Rehabilitation Act. The Insolvency Commissioner is an administrative body on behalf of the state, which is responsible for the management of insolvency proceedings - bankruptcy for debtors: private individuals, an authorized dealer or an exempt dealer who are caught and are or may be in a state of insolvency.
The Commissioner for Insolvency Proceedings is in fact a unit in the Ministry of Justice that operates under the Insolvency and Economic Rehabilitation Law, which entered into force on 15.09.2019. Issuing an order to open insolvency proceedings is the first step in an insolvency proceeding - bankruptcy. Upon receipt of the order, in fact an interim period begins at the end of which a decision will be made whether to issue a debtor for an economic rehabilitation order which is the last stage of the proceedings and then a dismissal order will be issued.
THE FUNCTIONS OF THE INSOLVENCY COMMISSIONER
The Insolvency Commissioner, also known as the official receiver, is a professional entity with many roles and powers given to him on behalf of the law.
WHAT IS INSOLVENCY LAW?
If you owe money to other people or entities or in case others owe you money, it is important to be familiar with the insolvency and economic rehabilitation procedure. In the State of Israel, the law allows both debtors and creditors to apply for proceedings during which an agreed portion of the debts will be repaid. In 2019, a new reform came into force whose purpose is to shorten and streamline proceedings, create a balance between the interests of the debtor and those of the creditors and delimit the proceedings in time. According to the new updated law, the management of the proceedings will be determined in accordance with the amount of the debts and there is a distinction between debts that exceed the amount of NIS 150,000 and debts in an amount that is lower than that.
WHAT IS AN INSOLVENCY - BANKRUPTCY PROCEDURE AND WHAT IS IT INTENDED FOR?
Insolvency is a financial situation in which a debtor is unable to repay and repay his debts on time.
THE PURPOSES OF AN INSOLVENCY PROCEEDING
That the creditor will get back his debt, as much as possible, out of all the money that will accumulate in the oblivion fund.
ACCOMPANIMENT AND LEGAL ADVICE FROM AN EXPERT INSOLVENCY LAWYER
Recently there have been many cases where the Bureau of Execution grants debtors, who meet the conditions of the law, a waiver of all existing debts and in fact it is a matter of writing off the entire debt.
DEBT WRITE-OFF AND DISMISSAL
As part of the process of writing off debts in execution, an official notice of the request for dismissal will be submitted and delivered, i.e. the creditors will be allowed to choose whether to accept this option or choose to oppose it within ninety days from the date they received the notice from the debtor and his lawyer.
DELAY OF PROCESS
A stay of proceedings is intended to allow the debtor to conduct his trial when he is free and free from worries and his duties will not stand as a sword swung over his head. The request for a stay of execution proceedings can be filed from the moment the case is submitted to the court.
THE CERTIFICATION AND POWERS OF THE INSOLVENCY COMMISSIONER
Not every lawyer can be elected to a position in charge of insolvency, as this is a position that requires extensive experience and extensive professional knowledge in the field of enforcement and collection procedures as well as proficiency in relevant legislation.
AN EXPERIENCED AND LEADING LAWYER AND NOTARY IN THE FIELD OF INSOLVENCY
Law firm and notary Shimon Hahn specializes in civil-commercial law and provides a comprehensive legal services package in real estate law, inheritances and wills, insolvency and execution, real estate taxation, insurance claims and more. Our experienced and skilled team of lawyers will be happy to provide you with advice, guidance and representation throughout all stages of the process until the task is completed on the best side, while preserving your vital interests and exercising all the rights you are entitled to by law.
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