Knesset passes bankruptcy revolution bill in first reading

By
March 8, 2016 18:12

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

The full Knesset late Monday passed a bill in its first reading meant to completely revamp the bankruptcy scene to help bring the law on the issue into "the 21st century" as Justice Minister Ayelet Shaked has often put it.

The new legislation, which has been shepherded for years by long-time Justice Ministry top bankruptcy official David Hahn, will reorient bankruptcy processes from being more friendly to creditor-banks to quickly collect on debts owed to them, to being more friendly to debtor-corporations so as to provide them the room to reorganize or orderly sell off their assets.

In addition, the new bill will enhance the power of smaller and unsecured creditors (creditors who are owed money but who, unlike banks, do not have liens on a debtor's assets) so that they also share with larger creditor-banks in getting back some of what they are owed.

Lastly, the new bill is designed to bring all laws relating to bankruptcy under one umbrella, to streamline bankruptcy processes and generally make the area more efficient.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
September 22, 2018
Report: Incendiary balloon causes fire in Kibbutz Kissufim

By JERUSALEM POST STAFF