Bankruptcies up 36% in 2011

The Administrator General and Official Receiver at the Ministry of Justice today announced that it issued 7,633 orders for bankruptcy during 2011, 36% more than in 2010. The number of bankruptcies rose 145% in 2009-11.

The Administrator General issued 555 liquidation orders for insolvent companies during 2011, about the same number as issued in 2009 and 2010. The Administrator General was a party in 3,191 petitions filed with the courts in various cases. The Administrator General was closely involved in the biggest business cases opened during 2011 - Agrexco and the Delek Real Estate debt settlement.

The Administrator General also began drawing up a comprehensive reform in bankruptcy procedures.

There was a substantial increase in the amount of money reaching foreclosure funds from drug seizures and under the Prohibition of Money Laundering Law.

Published by Globes [online], Israel business news - www.globes-online.com - on October 22, 2012