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Insights & News / Ariel Nadler
Personal Liability for Debt to the Registrar of Companies
Insolvency: Debt Settlements on the Rise
Idan Miller, the coordinator of our firm’s insolvency and corporate recovery practice, was interviewed by Globes about the wave of companies in financial distress. Idan noted that “what we’re seeing in the newspapers is only the tip of the iceberg.” According to Idan, a large number of unpublicized debt settlements are currently underway in contracting, high-tech, and security procurement companies.
Barnea: Advising Anise on Corporate Recovery Plan
Idan Miller and Liron Dahan are advising Anise on a corporate recovery plan, after the natural products chain fell into an approximately ILS 22.9 million debt. As part of this process, our firm submitted a request to the district court to appoint a trustee and approve a debt arrangement. Anise’s debts accumulated due to branch expansion and an increase in interest rates. The chain is now working to implement its all-encompassing corporate recovery plan, which includes closing unprofitable branches, closing a packaging plant in Kiryat Anavim, improving efficiency, and further reductions.
New Limitations on the Rehabilitation of an Insolvent Company
In a recent ruling in the Bachar Real Estate case, the court prioritized the rights of tenants over insolvent urban renewal companies and created a significant obstacle to the rehabilitation of such companies.Idan Miller the manager of our firm’s insolvency and corporate recovery practice, presents the challenges of the new ruling in an op-ed for Globes.
Doing Business in Israel: Insolvency Law
Foreign companies looking to engage with Israeli companies also need to consider that Israeli insolvency law mandates jurisdiction in Israel and creditor equality, regardless of country of incorporation.
Lecture: Positions and Interests in the Event of Insolvency
Adv. Idan Miller is lecturing to a small business finance risk assessment course. The course is for credit coordinators and business bankers at Israel Discount Bank. The course was organized by the BDO Academy of Finance and the Israeli Institute of Finance (IFI).
Attorney-Client Privilege Does Not Apply to Directors of Insolvent Companies
The Israeli Supreme Court has ruled that legal advice given to directors who are members of an audit committee or an independent committee is not protected by attorney-client privilege and that the company (and the trustee who is subrogating for the company) own the legal advice. Consequently, a trustee appointed after a company collapses may receive documents and correspondence exchanged between directors and the company’s attorneys.
Insolvency and Late Offers: Idan Miller Op-Ed in TheMarker
Does the ability to make a later offer in insolvency proceeding help creditors to receive more and allow the trustee to conduct a more thorough procedure?
Israel: Court-Ordered Insolvency Proceedings Are a One-Way Street
When a company in Israel is struggling with material financial difficulties and piles up debts, it has three main coping mechanisms at its disposal. It is important to understand that filing an application for a court order to open insolvency proceedings is a one-way street. Therefore, you must be thoroughly aware of its implications.
Advantage to Israeli Banks When Self-Exercising a Deposited Pledge
Collateral in the form of a deposited pledge is an easy and inexpensive way to secure credit. However, Israeli law does not allow foreign banks to benefit from an efficient and effective mechanism enabling debt recovery by way of the self-exercise of collateral. There is no real justification for this and it harms competition in the credit market.
Liabilities and Exposures to Claims by an Insolvency Trustee
A worrying number of contracting companies in the real estate and infrastructure market have recently gone insolvent. A contractor’s financial collapse affects not only his creditors, but also the project’s contractee. In an op-ed, Idan Miller explains if insolvency law prevents damage reduction for the contractee.
Contractor’s Insolvency during a Real Estate Project – How to Minimize Damages?
When a performance contractor in a real estate project becomes insolvent, the developer must make decisions and take a series of measures. It’s important to understand the legal implications of such measures and in what instances they could expose the developer to the filing of legal actions by the insolvency trustee appointed to the contractor.
Barnea: Providing Representation in Powermat Shareholders' Dispute
We are providing representation in a shareholders' dispute at Powermat, one of the first startups to develop wireless charging technology. The company holds overs 145 patents, is considered a significant player in the market, and has signed large-scale deals with international companies.
Energean Firms up Agreement with Israel Natural Gas Lines
Our firm represented Israel Natural Gas Lines (INGL) in the conclusion of a detailed agreement with Greek company Energean for the transfer of the near shore and onshore part of the pipeline that will deliver gas from the Karish and Tanin FPSO into the Israeli national gas transmission grid. As consideration, INGL will pay Energean 369 million NIS.
Adv. Ariel Nadler Interviewed on Globes' Facebook Live
Adv. Ariel Nadler was interviewed by Guy Liberman, the editor of the Globes newspaper's real-estate section, about the Director-General of the Planning Administration's initiative to cancel building easements.
Planning Administration to Seek Gov't Approval to Cancel Building Easements
Adv. Ariel Nadler was interviewed by Calcalist following notice of the Planning Administration's intent to bring to the government's approval a proposal to cancel building easements.
INGL to Pay NIS 370 Million for the Construction of an Offshore Dry Gas Pipeline
Our firm represented INGL during the negotiation and conclusion of an MoU for the construction by Energean of an offshore dry gas pipeline from the Karish and Tanin fields to the Israeli shore. The pipeline is expected to be transferred to INGL in the beginning of 2021.
New Court Ruling Prohibits Short-Term Apartment Rentals
The Supervisor of Land Registration at the Ministry of Justice accepted a lawsuit filed by the housing committee of a condominium building in Tel Aviv and forbade one of the apartment owners from using his apartment for short-terms rentals (Airbnb, Booking).
Are Short-Term Property Rentals Legal?
Adv. Ariel Nadler, Head of the Real Estate Department, was interviewed on a financial radio program at the Public Broadcasting Corporation about the possibility of property owners and sub-tenants renting out apartments for the duration of the Eurovision Song Contest (starting at min' 44).
Can You Prevent Neighbors from Renting Out Apartments on Airbnb?
Adv. Ariel Nadler was interviewed by CalcalistTV on the decision by the Supervisor of Land Registration at the Ministry of Justice to forbid an apartment owner in a building in Tel Aviv from using his apartment for short-terms rentals (Airbnb, Booking).
Barnea Representing Yad Hanna in Agreement to Lease and Construct Logistics Center for Diplomat
Our firm is representing Yad Hanna in a long-term lease agreement of 30 dunams in its industrial zone for the construction of Diplomat's new logistics center. The construction is valued at NIS 230 million.
Important Real Estate-Related Legal Decisions in 2017
Adv. Ariel Nadler, head of our firm's Real Estate Department, was interviewed by TheMarker's real estate magazine on the cancellation of the Multiple Housing Taxation Law by the Supreme Court. Ariel commented that regulators will now have to provide a solution to those people who already sold their apartments in order to enjoy the tax benefit that was guaranteed. He also noted that the cancellation will affect apartment owners considering to sell.
District Court Rejects Scheduled Vote of Purchase Group United Sarona
The Tel Aviv District Court accepted the request of over 50 members of the purchase group United Sarona, represented by Barnea's Head of Litigation, Adv. Zohar Lande, to prevent a vote at the meeting scheduled for today. In the motion that was presented, it was argued that in the process of convening the meeting there were material flaws, including a lack of information.
Seminar on the New Multiple Housing Taxation Law
Barnea is conducting on February 14th a morning seminar on the new Multiple Housing Taxation Law. Adv. Maya Zisser, Partner at the Real-Estate Department will lecture on the new tax - to whom does it apply, the tax rate, payment methods, exemptions and credits. Adv. Harel Perlmutter from the Tax Department will lecture on tax saving opportunities in respect of rental income.
Financial Catch of affordable housing program “Mechir Lemishtaken” (Buyer’s Price)
Adv. Ariel Nadler, Partner and Head of the Real Estate Department at Barnea, was interviewed by Bizportal, following “Mechir Lemishtaken”'s cancellation of the winners because of funding problems. According to Ariel, when financing through a bank guarantee, the payment plan can be 20% of the payment for the flat at the beginning and 80% when the entry and permit is issued ("tofes 4"). The recommendation is to leave as much money for the last payment.
Does the Decision to Grant Foreign Companies Permits to Perform Construction Work in Israel Create Healthy Competition or Hurt Small Construction Companies ?
Adv. Ariel Nadler, Partner and Head of the Real Estate Department at Barnea was interviewed by Ynet and commented that opening the market to foreign companies is a positive move. He also addressed the question of problems that may arise for the consumer who is required to deal with a foreign company. Ariel commented that he is convinced that the Ministries of Finance and Construction will ensure adequate securities to address the issue of deficiencies and quality construction.
Five Chinese Companies and One Portuguese Company will be Granted Permits to Perform Construction Work in Israel
Adv. Ariel Nadler, Partner and Head of the Real Estate Department at Barnea was interviewed by The Marker regarding the Ministries of Finance and Construction decision to grant foreign companies permits to perform construction work in Israel. Ariel commented that with Israeli on-site construction firms in a state of collapse, opening the market for foreign companies is a positive move.
The watershed of the purchasing group- Interview with Ariel Nadler
A conversation with Ariel Nadler regarding purchasing groups and the pros and cons thereof.
Compensations for late delivery of new apartments
Developers can no longer rely on changes to an apartment, requested by the purchaser, as reason to avoid payment of compensation for late delivery. This was ruled recently by the Supreme Court in a case involving a dispute between purchasers of an apartment and a contracting company.
The Sale (Apartments) Law states that a delay of over 60 days from the date specified in the sale contract for the delivery of the apartment to the purchaser, means that the purchaser will be entitled to compensation without proof of damage, and this from the first day of delay.
In the abovementioned case, the sale contract which was signed by the purchasers and the contracting company stated that any request to change or supplement the apartment will postpone the delivery date of the apartment for at least 60 days.
It should be noted that clauses of this nature are common and appear in almost every sale contract from a contractor.
The Supreme Court ruled that the wording of the relevant clause is broad and vague, and gives the contractor unlimited options to determine the date of delivery, which creates uncertainty among the purchasers. Thus, the contractor prevents the purchasers from preparing themselves for a new and clear date on which the apartment will be delivered to them, and to plan their moves accordingly.
The Court further ruled that from now on, the contractor cannot rely on sweeping clauses in apartment sale contracts, which include provisions exempting him from paying compensation for delays in delivery of apartments, in any case where changes to the apartment were ordered by the purchasers.
However, the Court held that the parties can agree, for example, on a new and concrete postponed delivery date, in the case of making changes in the apartment at the request of the purchaser, in a later agreement signed by the parties.
The Court also noted that a new and postponed delivery date that will be determined by agreement, as mentioned, may be examined by the Court, in terms of its reasonableness in relation to the scope of changes made to the apartment and their nature.
Bizportal magazine interviewed Ariel Nadler for his comments on the change in the Sale Law
As an expert in Real Estate, Adv. Ariel Nadler was interviewed by Bizportal magazine regarding the change in the Sale Law, approved this morning by the Israeli Government. Ariel commented- "the only thing that can hurt homebuyers is the reduction of the Sale Law guarantees given to buyers of apartments, by the amount of the VAT element. This means that in the event of the realization of the guarantee, where the purchaser has paid VAT funds, the return thereof to the buyer will not be guaranteed.’’
Israeli home prices rose in Q3
Israel's Government Assessor published today the fact that home prices rose 1.4% in the third quarter of 2015.
Adv Ariel Nadler, head of our Real Estate Department, was interviewed by Bizportal, saying that he believes that only an all encompassing solution to the problem of high property prices in Israel can stop this upward trend.
The average price of a home continued to rise in the third quarter
Ariel Nadler was interviewed by Globes regarding the Government Assessors Office report of a 1% rise in home prices in Israel's 16 largest cities from the second quarter and a 3% rise from a year ago.
How the new government will cope with failures in the real estate market?
Barnea & Co. represented Israel Natural Gas Lines
The Real Estate department, headed by Ariel Nadler, represented Israel Natural Gas Lines in the petition filed against it by Kibbutz Regavim. The judge rejected the petition stating that she did not see a reason to interfere in the government’s decision. In her view, once the safety concerns had been cleared, the kibbutz should have withdrawn the petition, which it did not do, The kibbutz will have to bear petition costs of NIS 4,000,000.
Zero VAT plan for new homebuyers
Sea view real estate
Before buying real estate close to the sea, Adv. Nadler advises that a buyer must bear in mind that the corrosion to buildings that are located near to the edge of the sea is substantial. "Maintenance issues are important factors to consider because of the dust and sea spray. You should also be aware that there are higher maintenance costs involved in owning an apartment near the sea arising from dust, dirt, corrosion and external maintenance to the property.
It's also very important to have proper and ongoing maintenance to the property and this incurs a substantial cost. So if you calculate the apartment price whilst factoring in the higher maintenance costs the fee per square meter of the property would be a higher fee per square meter calculated in the purchase price and may be a lot greater than may be anticipated.
A residential plot in Herzliya was sold for NIS 32 million
The plot, that can accommodate 43 units, was put out to tender after there was a dissolution of ownership in the plot between the owners. This emanated from the owners failing to reach the agreement between themselves as to whether to proceed with either developing the plot or selling it.
The tender and sale process was managed by Attorney Ariel Nadler, head of the real estate law department at Barnea To read more, please click here