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Against the background of the collapse of well-known chains, suppliers should exercise caution. There are ways to know their financial condition in advance and to act to minimize damages.
Will an investor who wishes to join the club have to assume the heavy debts? Will the trustee be able to intervene in professional considerations? And perhaps the stay of proceedings is the best thing that could have happened to the team? Adv. Achiad Harel appeared in the studio to answer the pressing questions.
The company “Cruises – Holiday Sailings,” which engaged in marketing cruise packages, petitioned the court for liquidation and the appointment of a trustee: “The absence of new bookings and a stream of cancellations sealed the company’s fate toward collapse.”
OrbiMed, a long-time investor in MobileODT, committed to inject millions in July at a valuation of approximately $38 million. According to the founder, the fund disrupted the company’s operations and is exploiting this to withdraw from the agreement. The fund is now initiating an investment under new terms and at a valuation of only one million dollars.
The state would do well if, instead of intervening in commercial relations in a manner whereby benefits to one public come at the expense of another public, it simply fulfills its role and grants additional subsidies to individuals and businesses that still require them.
Adv. Ron Hamed seeks to claim approximately NIS 1.2 million from the insurer of the members of the executive committee, alleging negligence that led to the association’s liquidation; the committee members told the court: “This is a baseless attempt by the special administrator to attribute responsibility to people who devoted their best time, energy, and money to saving the association.”
The group, which is alleged to be in debts of hundreds of millions of shekels, is expected to notify the court today that it agrees to a 90-day stay of proceedings. What will happen now and how will this affect the purchasers? Questions and answers.
A lecture by Adv. Achiad Harel on the duties of officers in insolvency proceedings.
The IDB Debt Restructuring
Uri Shmerling, the former CEO of the NFT trading platform Sandmilk, filed a petition for an order to open proceedings for its liquidation. According to the petition, the company has a debt totaling approximately NIS 3.7 million.