Jerusalem Builder Neta Lifshitz Faces Sale Amid Financial Collapse
Translated & summarized from Calcalist by baba
The Jerusalem District Court appointed Amit Pines as permanent trustee for Neta Lifshitz, a 30-year-old construction company facing insolvency. The company owes 44 million shekels to suppliers and has not paid employees for two months. Pines recommended a quick sale, and most employees have been laid off. The company claims it was profitable until the recent war.
The story in 5 lines · by baba
- Jerusalem District Court appointed Amit Pines as permanent trustee for Neta Lifshitz.
- The construction company owes approximately 44 million shekels to suppliers and subcontractors.
- Employees have not been paid for August and September, and most have been laid off.
- The company claims it was profitable until the "Swords of Iron" war.
- Neta Lifshitz's 2023 revenues reportedly reached about 142 million shekels.
The Jerusalem District Court has appointed attorney Amit Pines as the permanent trustee for the Jerusalem-based construction company Neta Lifshitz, founded approximately 30 years ago. Judge Avigdor Dorot issued an order to commence proceedings for the company and mandated its temporary operation, during which Pines will submit an initial assessment of its economic recovery prospects. In a preliminary report, Pines suggested a swift and focused sale process for the company.
Neta Lifshitz faces debts of approximately 44 million shekels to hundreds of suppliers and subcontractors. The company is also accused of failing to pay its employees for August and September, being unable to meet its obligations on time, and thus being declared insolvent. Most of the company's workforce has been laid off.
The company, represented by lawyers Shelly Nachum and Ilan Gelman, had previously requested the court appoint a temporary trustee to ensure its continued operation and asset preservation. Neta Lifshitz, which specializes in residential construction and development, primarily in Jerusalem, has been a registered contractor with unlimited financial capacity for three decades. It claims to have completed numerous projects in Jerusalem and its surroundings for developers, non-profits, and landowners, as well as self-initiated projects.
The company asserted in its filing that it was profitable and stable until the outbreak of the "Swords of Iron" war. Its revenues in 2023 totaled around 142 million shekels. Lawyers Matan Alkai and Guy Weiss, representing most of the company's employees in the insolvency proceedings, stated that the employees regret the situation and are grateful for their time with the company. They added that the court has opened the door for employees to receive their earned rights and that they will now focus on ensuring immediate payment of all outstanding wages.
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