Bank Leumi Seeks Receiver for Yigal Entrepreneurship Over NIS 290 Million Debt
Translated & summarized from TheMarker by baba
The story in 4 lines · by baba
- Bank Leumi seeks receiver for Yigal Entrepreneurship over NIS 290 million debt.
- Company's financial situation has worsened significantly, impacting its operations.
- Mercantile Discount Bank previously sought a receiver for a NIS 180 million debt.
- Debts stem from two residential projects, one unfinished, one nearing completion.
Bank Leumi has filed a request with the Tel Aviv District Court to enforce security interests and appoint a receiver for Yigal Entrepreneurship and Construction, citing the company's failure to repay debts totaling NIS 290 million. The bank stated that the company's overall financial situation has "considerably worsened," impairing its ability to conduct transactions necessary for business recovery.
This action follows a similar request made in August by Mercantile Discount Bank, which sought the appointment of a receiver due to a NIS 180 million debt owed by Yigal Entrepreneurship for the purchase of two land plots in Be'er Sheva. The company, owned by Ra'anan Halili and Shlomo Avitan, incurred its debts from two residential projects, one of which has not yet begun construction, while the other is nearing completion.
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