Insolvency Law Firm Forum 2022

27.06.22

"Insolvency is a process that is" after market ", we may see an increase in the coming months"

On Monday, June 27, 2002, we held the annual Duns 100 forum of senior executives in the field of insolvency, hosted by Baruch Kara, a reporter and commentator for News 13 for Legal Affairs.

In the forum, senior industry officials discussed issues on the professional agenda: splitting the role of official receiver and general custodian into two positions, list of trustees published in January, extending amendment 4 to the Bankruptcy and Economic Rehabilitation Law, the effect of rising interest rates in the economy and fears of entry into the economy.

Efrat Segev, VP of Data and Analysis at Dun & Bradstreet, opened the discussion by saying: "According to the data we have, in 2021 there was a sharp increase in business start-ups and a sharp decrease in their closures: ".

Uri Wallerstein, CEO of the Enforcement and Collection Authority, added: "After a long period of more than two years of the Corona crisis, we conducted a study in the Authority regarding a possible increase in debts and debtors as a result. Now I am happy to say that there has been no significant increase, both in debt and in debtors.

New debtors who entered the circle, came out of it right near the end of the period. In contrast, we did identify an impact on debtors who were in the circle even before the crisis whose debt increased. The situation can change at any moment. Insolvency is a process that is "aftermarket" after an individual or company depletes their resources in an attempt to survive, and there may be an increase in the coming months. "

Adv. Israel Bachar, partner and head of the Insolvency Department at Pearl Cohen Tzedek Letzer Baretz, referred to Amendment 4 to the Insolvency Law, which allows companies in difficulty to reorganize their debts and liabilities: And in light of the fact that the official appointed as director of an arrangement lacks vital powers and often finds himself, wingless and helpless, an accurate analysis of the company's situation must be performed in the first stage, so that a company in need of intensive care will immediately go into insolvency. Dina rehabilitation or dismantling. Only companies that have experienced any upheaval and have a business expectancy will be given the opportunity to settle their debts under Amendment 4. "

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