Legal Updates

It is not possible to file claim in respect of debts of a company created prior to approval of creditors arrangement

December 27, 2017
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Published in Afik News 249 31.01.2018

A creditors arrangement of a company was approved by the Court. After approval thereof, a new debt claim was filed against the company in respect of a debt created prior to the approval of the creditors arrangement.
The Court held that a creditor arrangement constitutes a settlement between the company and its creditors, which exempts the company as to any existing debts. Thus, on the one hand, the company does not find itself empty of assets and on the other hand the creditors waive some of their debt. The creditor arrangement obligates all company creditors - whether they agreed to the arrangement or not.

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