Regional news: Israel

US court withdraws contempt order against Israeli law firm in Ampal dispute

A New York bankruptcy court has vacated a contempt order it issued against an Israeli law firm last month, ruling that it lacked personal jurisdiction over the firm under New York’s civil practice regulations.

07 November 2017

Liquidators of alleged Australian-Israeli tax evasion scheme seek US relief

The liquidators of four companies alleged to have been used to conceal the wealth amassed by an Australian family through a lucrative juice business have sought assistance from US courts under Chapter 15.

15 May 2017

Avoidance in US bankruptcy not extraterritorial, affirms New York court

Avoidance provisions within the US Bankruptcy code were not intended to apply extraterritorially, a New York Judge has written in a decision that blocks a Chapter 7 trustee from recovering payments made to an Israeli law firm by a bankrupt US holdings company.

13 February 2017

Israeli bankruptcy case declared foreign main proceedings despite COMI in Canada

A Canadian court recently recognised Israeli bankruptcy proceedings relating to Canadian property developer Urbancorp as foreign main proceedings, in what it described as “a very unusual situation” since the property developer’s centre of main interests (COMI) is not in Israel.

22 July 2016

Bankruptcy trustee seeks to withdraw Egyptian gas claims to avoid double recovery

The liquidation trustee of a US energy holding company has sought permission from a New York bankruptcy court for the debtor to withdraw certain overlapping claims it brought in a series of international arbitrations against Egypt, whose outcomes are likely to determine whether unsecured creditors get paid.

27 May 2016

Israeli court appoints manager for property developer in Canadian bankruptcy

An Israeli court has appointed a manager to draft a settlement for Israeli creditors of a distressed Canadian property developer, days after it filed for bankruptcy protection in Canada.

26 April 2016

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