The 2015 report by the Administrator (Custodian) General and Official Receiver shows a 55% rise in bankruptcies requests in the past three years.
The report, which contains a general review of the Administrator General and Official Receiver' activity (as the Custodian General, Official Receiver, and Registrar of Inheritances), accompanied by comprehensive statistics, shows a dismal portrait of a bankrupt country. For example, the report shows that more private citizens are in economic trouble in recent years: 16,491 requests to open bankruptcy proceedings (receivership orders) were filed in 2015, 14% more than in 2014. In addition, the Court issued 14,756 orders for opening bankruptcy proceedings (receivership orders), compared with 13,228 in 2014 and 11,256 in 2013, increases of 12% and 31%, respectively. The increase was 43% over the past three years and 137% in five years.
The report also shows that the number of cases handled by the Official Receiver (following a receivership order) rose 69% in three years and 185% in five years. According to the report, 50,269 cases were handled by the Official Receiver in 2015, 16% more than in the 43,185 cases in 2014 and 37% more than in 2013.
The figures also indicate some difference in the rate of increase in receivership orders between outlying areas and the central region. In Jerusalem, for example, the number of receivership orders rose from 745 to 1,165 within a year, while the increase in Tel Aviv was relatively moderate from 4,636 to 4,931 orders.
Published by Globes [online], Israel business news - www.globes-online.com - on May 24, 2016
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