Ayalon and Platinum Seek Receiver for Completed Tel Aviv Suburb Urban Renewal Project Amid Financial Dispute

Insurance company Ayalon and financial firm Platinum Capital filed a court request to appoint a receiver for the rights of "Dankner 38 Renewing Quality of Life - HaSar Moshe 2 Ramat Gan," a completed Tama 38 urban renewal project in Ramat Gan. They claim the company owes 48.9 million shekels to its financiers and has failed to meet its financial obligations despite project completion. The dispute follows a June lawsuit by Dankner 38 against Ayalon and Platinum for about 4 million shekels, accusing them of improper pressure tactics and causing significant project damages.

Ayalon and Platinum argue that Dankner 38, a private construction and development company, breached its commitments under the financing agreement, including budget overruns, delays in final apartment delivery, and failure to obtain final occupancy certificates. They also highlight that the project is 96.3% complete and that land rights are pledged to the financiers. Attempts at mediation with retired judge Hila Gerstel ended abruptly when Dankner 38 did not attend the final session.

The financiers further allege that Dankner 38 changed company control without their consent, violating contractual terms. They seek a receiver to manage the project’s remaining legal and financial steps, including releasing guarantees to apartment buyers and distributing funds currently under lien by other creditors.

Dankner 38 responded that their lawsuit accuses Ayalon and Platinum of severe mismanagement and legal violations causing heavy damages. They claim the financiers’ receiver request is a cynical attempt to avoid their own liabilities and exert improper pressure. Dankner 38 denies any debt owed to Ayalon and Platinum and asserts the project was completed despite the financiers’ harmful actions. The case remains pending with no defense filed yet by the financiers.