Legal Updates

A receiver in bankruptcy of a shareholder is not entitled to receive information beyond information given to other shareholders

September 17, 2017
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A receive in bankruptcy of a shareholder of a company moved to Court to receive all information regarding the group of companies in which the bankrupt acted as a director, including information regarding future actions that the companies intend to make, alleging that the receiver "enters the shoes of the debtor"; Thus, the debtor’s right - as a director - to receive this information is also transferred to the receiver on his assets.

The Court rejected the motion and held that there is a material difference in the type of information requested by the receiver: in the case of information relating to the past, in the form of examining the companies' conduct as part of the mass of the debtor's assets - the information is required for the receiver to perform his duties. However, in the case of "forward-looking" information regarding the conduct of the companies, the receiver has no priority in obtaining this information over the other shareholders in the company, because it is not necessary for the receiver to fulfill his duties, except in very exceptional cases.

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