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Court halts all Heftsiba proceedings
JPost.com Staff
08/06/2007
Owners forbidden to invade apartments; SIG offers to buy crumbling company.
Judge David Hashin of the Jerusalem Magistrate's Court ruled late Sunday night to temporarily freeze all procedures connected with the Heftsiba construction company case, Israel Radio reported. The move was made in response to a request filed by Bank Hapoalim, one of the major holders of Heftsiba's assets, to appoint a receiver for the construction company.
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  • Analysis: What are Heftsiba clients' rights? For the time being, banks will not be able to sell apartments attached to them by a lien. The court also forbade property owners from breaking into their apartments - something many had been doing since the rumors of the company's impending bankruptcy erupted on Thursday. However, the court ordered that those who had already broken into their houses be left alone, but issued a temporary injunction to prevent them from removing any of the creditors' belongings. Meanwhile, the SIG corporation has offered to buy the crumbling construction company. The company said it would transfer hefty sums of money so that the liquidation procedures could be stopped if it were given priority to buy the company. SIG said the company was aware of the crisis property buyers faced and added that it saw an opportunity to solve the problem.
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