Judge dismisses Or City liquidation petition

Inbal Or  photo: Globes

Judge Eitan Orenstein said the company was not insolvent.

Tel Aviv District Court Judge Eitan Orenstein today dismissed the petition for liquidation of Or City Real Estate, owned by Inbal Or.

Orenstein's ruling stated, "The necessary grounds for liquidation have not been proven. The financial statements presented have not been thoroughly examined, given the preliminary stage of the proceeding, and according to what appears there, the company is not insolvent."

Orenstein ruled that while the petitioners were indeed entitled to money from the company, the actual date of payment for all the petitioners had not yet been reached, and "There is nothing remarkable about failing to pay on time."

Earlier today, Or City paid the Global company NIS 938,000, as required by the judge. The transfer to Global was by real time gross settlement (RTGS), in other words, a special immediate payment.

Following the transfer, Or City asked that the hearing should be canceled and that legal costs should be awarded against Mina Somer, the 86 year-old Holocaust survivor who filed the petition for liquidation. Another petition for liquidation is still outstanding.

Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Inbal Or  photo: Globes
Inbal Or photo: Globes
Twitter Facebook Linkedin RSS Newsletters גלובס MAD CONFERNCE