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