Court orders bankruptcy warning to be issued against Maiman

Tel Aviv District Court Judge Varda Alshech put a gag order on the details of the petition against Ampal president Yosef Maiman.

Tel Aviv District Court Judge Varda Alshech today ordered a bankruptcy warning to be issued against Ampal-American Israel Corporation (Bulletin Board: AMPLQ; TASE:AMPL) chairman Yosef Maiman, unless he pays a NIS 2 million debt to a single creditor. The judge put a gag order on the details of the petition, including the creditor's name, but allowed the publication of Maimon's name and that he is at risk of bankruptcy.

Judge Alshech gave Maiman seven days from today to pay the debt, plus interest and arrears for the unauthorized overdraft in Maiman's account at Bank Leumi (TASE: LUMI) through the date of the repayment. The ruling is based on the arbitrator's ruling between Maiman and the creditor.

Judge Alshech said, "If Maiman does not pay the debt, or guarantee its payment, or fails to comply with the satisfaction of the creditor or the court, this will be considered as bankruptcy, which can be used as grounds for filing a bankruptcy petition against Maiman." She added that, as is normal in such proceedings, Maiman has the right to file an objection with the court against the bankruptcy warning.

Maiman's private company, Merhav Group, said in response, "We are talking about a former employee of the company who has already received 95% of the tens of millions of shekels owed him, and who will receive the rest of what he is owed. The reasons for petitioning the court are unclear, except for the revenge motive, since the balance of the debt is negligible and will be paid."

Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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