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Insolvency and Economic Rehabilitation Law, 5778-2018

חוק חדלות פירעון ושיקום כלכלי, תשע"ח-2018

Published: 2018-03-15Consolidated Hebrew text as of 2026-08-02 · Last amended 2026-07-28✓ Amendment status checked against the Knesset legislation record on 2026-09-17
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Unofficial English translation — for reference only. It may contain errors or omissions and cannot be relied on as a legal text. Only the Hebrew text published in Reshumot is legally binding.More

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Despite these checks, it may contain errors, omissions, or imprecise renderings of legal terminology and cross-references, and it may not yet reflect the latest amendments. It cannot be relied upon as a legal text.

The Hebrew text as published in Reshumot (ספר החוקים) and on the Knesset website is the sole authoritative and legally binding version. In any discrepancy, the Hebrew text prevails.

This translation is provided for informational purposes only and does not constitute legal advice. For use in legal proceedings, request a certified Expert Legal Opinion.

Chapter IV: Conduct of Protected Negotiations by a Corporation – Temporary Provision

Part 11: Penalties and Enforcement Powers

Chapter I: Penalties

Penalties§

346.
(a)A debtor in respect of whom an order opening proceedings has been made, and in the case of a debtor as aforesaid that is a corporation – a member of the corporation or an office holder therein, who has done any of the following, is liable to imprisonment of three years:
(1)concealed an asset from among the debtor's assets before the making of the order opening proceedings, with the intention that it not be included in the assets of the creditors' fund;
(2)concealed an asset from among the debtor's assets after the making of the order opening proceedings;
(3)failed to furnish information required to be furnished under the provisions of this Law, or furnished information as aforesaid that is partial or false to the trustee, to the Official Receiver or to the Registrar of Enforcement, with the intention of prejudicing the insolvency proceedings.
(b)An individual in respect of whom an order opening proceedings has been made who entered into a transaction or carried out an act involving the receipt of credit, without the approval of the Official Receiver or otherwise than in accordance with the Official Receiver's directions, and in the case of an individual who is a debtor with debts in a low amount – without the approval of the Registrar of Enforcement, or otherwise than under the name by which the order was made in respect of that individual or without indicating that that individual is insolvent, in contravention of the provisions under sections 123 or 124(b) or the provisions of those sections as applied under sections 201 and 202, is liable to imprisonment of one year.
(c)Without derogating from the provisions of subsection (a)(3), a person who is not the debtor, a member of the corporation or an office holder therein and who is required to furnish information or documents to the trustee, to the Official Receiver or to the Registrar of Enforcement under the provisions of sections 47, 49, 133, 135, 146 or 147 or the provisions of those sections as applied under sections 201 and 202, and who has failed to do so, or who has furnished information as aforesaid that is partial or false, all with the intention of prejudicing the insolvency proceedings, is liable to imprisonment of one year.

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Chapter II: Enforcement Powers

Appointment of Investigators§

347.
(a)The Minister may authorise, from among the employees of the Minister's office, investigators who shall have all or some of the powers under this Chapter; notice of the authorisation shall be published in Reshumot (Official Gazette) and on the website of the Official Receiver.
(b)A person shall not be authorised as an investigator under subsection (a) (in this Chapter – investigator) unless all of the following conditions are met:
(1)the Israel Police has notified, no later than three months from the date of receipt of the employee's particulars, that it does not object to the authorisation on grounds of public safety, including on account of the person's criminal record;
(2)the person has received appropriate training in the field of the powers to be vested in the person under this Chapter, as directed by the Minister with the consent of the Minister for Internal Security, and also appropriate training in insolvency law, as directed by the Official Receiver;
(3)the person meets additional qualification requirements as directed by the Minister, in consultation with the Minister for Internal Security.

Enforcement Powers§

348.
(a)Where a suspicion has arisen of the commission of an offence under Chapter I: Penalties, an investigator may –
(1)investigate any person connected to such an offence, or who may have knowledge pertaining to such an offence; the provisions of sections 2 and 3 of the Criminal Procedure Ordinance (Testimony) shall apply to an investigation under this paragraph, with the necessary modifications;
(2)seize any object connected to such an offence; the provisions of Chapter IV of the Criminal Procedure Ordinance (Arrest and Search) [New Version], 5729-1969 (in this section – the Arrest and Search Ordinance) shall apply to a seizure under this paragraph, with the necessary modifications;
(3)apply to a court for a search warrant under section 23 of the Arrest and Search Ordinance and execute it; the provisions of sections 24(a)(1), 26 to 28 and 45 of the Arrest and Search Ordinance shall apply to a search under this paragraph, with the necessary modifications.
(b)Notwithstanding the provisions of subsection (a), the powers listed in that subsection shall not be vested in an investigator in respect of an offence of concealing an asset under section 346(a)(1) or (2) that was committed in one or more of the following circumstances:
(1)by means of committing an additional offence;
(2)where the concealed asset is prohibited property within its meaning in section 3(a) of the Prohibition of Money Laundering Law, 5760-2000 – by way of a transaction in property, as defined in that Law, that is prohibited property.
(c)Nothing in the provisions of subsection (b) shall derogate from the provisions of section 2 of the Criminal Procedure Ordinance (Testimony).
(d)An investigator shall not exercise the powers vested in the investigator under this Chapter except in the course of carrying out the investigator's functions and where all of the following conditions are met:
(1)the investigator is visibly wearing a badge identifying that person and that person's role;
(2)the investigator holds an investigator's certificate signed by the Minister, attesting to the investigator's role and powers, which the investigator shall present upon request.

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Part 12: Miscellaneous Provisions

Appeal against a Court Decision§

349.
(a)A judgment of a District Court sitting as a court of first instance that was given under this Law may be appealed before the Supreme Court, and a judgment of a Magistrate's Court that was given under this Law may be appealed before a District Court; for this purpose, the following decisions shall also be regarded as judgments:
(1)a decision on an application for an order opening proceedings under sections 18 or 116;
(2)a decision on an application for the termination of office of the trustee under sections 55 or 140;
(3)a decision not to bring a proposed economic rehabilitation plan or debt arrangement before the creditors and members of the corporation for approval, under sections 83(c) or 322(c);
(4)a decision relating to the approval of an economic rehabilitation plan or debt arrangement, under sections 86 to 88 or 324;
(5)a decision relating to the cessation of the operation of the corporation and its liquidation under section 94;
(6)a decision relating to the cessation of the liquidation proceedings of a corporation and the operation of the corporation for the purpose of its economic rehabilitation, under section 98;
(7)a decision on an application for the dissolution of a corporation under section 99;
(8)a decision on an application for the cancellation of an order opening proceedings under sections 108, 183 or 286;
(9)an economic rehabilitation order under section 161;
(10)a decision relating to the amendment of an economic rehabilitation order under section 170;
(11)a decision relating to the revocation of a discharge under section 176;
(12)a decision relating to an allowance for a maintenance beneficiary under section 179;
(13)a decision relating to the transfer of the conduct of proceedings from the Registrar of Enforcement to a court under section 207;
(14)a decision relating to residential home protection under section 229;
(15)a decision regarding detention under section 285.
(b)Any other decision of a District Court given under this Law may be appealed before the Supreme Court if leave to do so has been granted by a judge of the Supreme Court designated for that purpose by the President of the Supreme Court; any other decision of a Magistrate's Court given under this Law may be appealed before a District Court if leave to do so has been granted by a judge of the District Court designated for that purpose by the President of the District Court.
(c)Notwithstanding the provisions of subsection (b), leave to appeal shall not be granted in respect of categories of decisions that the Minister of Justice has prescribed by Order, with the approval of the Constitution, Law and Justice Committee; where a category of decision has been prescribed by Order as aforesaid, the Order shall apply to a decision made after its commencement.
(d)Nothing in the provisions of subsection (c) shall derogate from the right of a party to appeal against a decision referred to in that subsection in the framework of an appeal against the judgment.

Appeal against a Decision of the Official Receiver§

350.
(a)A final decision of the Official Receiver given under this Law may be appealed before a Magistrate's Court; for this purpose, the following decisions shall be regarded as final decisions, inter alia:
(1)a decision not to make an order opening proceedings under section 105;
(2)a decision relating to the removal of a restriction under sections 143 or 169.
(b)Any other decision of the Official Receiver given under this Law may be appealed before a Magistrate's Court if leave to do so has been granted by a judge of the Magistrate's Court designated for that purpose by the President of the Magistrate's Court.
(c)Notwithstanding the provisions of subsection (b), leave to appeal shall not be granted in respect of categories of decisions that the Minister has prescribed by Order, with the approval of the Constitution, Law and Justice Committee; where a category of decision has been prescribed by Order as aforesaid, the Order shall apply to a decision made after its commencement.
(d)Nothing in the provisions of subsection (c) shall derogate from a party's right under law to appeal against a decision referred to in that subsection in the framework of an appeal against the final decision.

Appeal against a decision of the Enforcement Registrar§

351.
(a)A final decision of the Enforcement Registrar given under this Law is appealable to a Magistrate's Court; for this purpose, the following decisions shall be regarded as final decisions, among others:
(1)a decision not to convene a session for the formulation of a payment arrangement under section 190;
(2)a decision regarding the approval of a payment arrangement under section 196;
(3)a decision on matters that are regarded as a judgment or as a final decision under section 349(a) or 350(a).
(b)Any other decision of the Enforcement Registrar given under this Law is appealable to a Magistrate's Court if leave to do so has been granted by a judge of the Magistrate's Court designated for that purpose by the President of the Magistrate's Court.
(c)Notwithstanding the provisions of subsection (b), leave to appeal shall not be granted in respect of categories of decisions that the Minister has prescribed by Order, with the approval of the Constitution, Law and Justice Committee; where a category of decision has been prescribed by Order as aforesaid, the Order shall apply to a decision made after its commencement.
(d)Nothing in the provisions of subsection (c) shall derogate from a party's right under law to appeal against a decision referred to in that subsection in the context of an appeal against the final decision.

Updating of amounts§

352.
(a)The amounts prescribed in this Law shall be updated on 1 January of each year (in this section – the update date) in accordance with the rate of change in the Consumer Price Index known on the update date as compared with the index known on 1 January of the preceding year.
(b)The Minister shall publish a notice in Reshumot (Official Gazette) of the updated amounts.

The Magistrate's Court competent to hear proceedings under this Law in respect of individuals§

353.
(a)The Magistrate's Court that shall hear proceedings under this Law in respect of individuals in each district shall be the Magistrate's Court in which the President of the Court sits.
(b)Notwithstanding the provisions of subsection (a), the Minister, in consultation with the President of the Supreme Court, may, by Order, with the approval of the Constitution, Law and Justice Committee, authorise, in respect of a particular district, another Magistrate's Court other than that referred to in that subsection, and in consultation with the President of the Magistrate's Court, additional Magistrate's Courts, to hear proceedings under this Law in respect of individuals in that district.

Application of the provisions of the Law to a particular body of persons that is not a corporation§

354.

The Minister may, by Order, apply the provisions of this Law, in whole or in part, to a particular body of persons that is not a corporation as defined in section 4 and in respect of which no other arrangement for the same matter is prescribed in legislation, and may prescribe in such an Order the adaptations and modifications required for the purpose of the application.

Amendment of the Schedules§

355.

The Minister, with the approval of the Constitution, Law and Justice Committee, may, by Order, amend the First Schedule and the Second Schedule, provided that the Minister shall not add to the Second Schedule other than assets that are necessary for the debtor or for members of the debtor's family residing with the debtor for the purposes of their basic subsistence, or in respect of which the expected proceeds from their sale do not justify the harm that would be caused thereby to the debtor or to members of the debtor's family residing with the debtor.

Implementation and Regulations§

356.

The Minister is responsible for the implementation of this Law and may make Regulations for its implementation, including Regulations on the following matters:

(1)rules of procedure in proceedings under this Law, including provisions regarding the submission of applications under this Law, documents to be attached thereto, the time limits for their submission, the submission of objections thereto and publication obligations;
(2)reporting obligations that shall apply to the debtor and the trustee, the manner of preparing the reports and the particulars to be included therein;
(3)with the approval of the Constitution, Law and Justice Committee – fees and payments for proceedings under this Law.

Transition to an online system§

357.

The Minister may prescribe that actions taken under this Law, in whole or in part, including reports, publications, submission of applications and documents, granting of the right of inspection or votes, shall be carried out online, provided that an adequate response is ensured for those who do not make use of online means, and may prescribe provisions regarding the manner of carrying out such online actions.

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Part 13: Indirect Amendments

Repeal of the Bankruptcy Ordinance§

358.

The Bankruptcy Ordinance [New Version], 5740-1980, except for section 97 of the Ordinance – is repealed.

Amendment of the Companies Ordinance – No. 21§

359.

(Indirect amendment of the Companies Ordinance [New Version], 5743-1983.)

Amendment of the Companies Law – No. 32§

360.

(Indirect amendment of the Companies Law, 5759-1999.)

Amendment of the Execution Law – No. 58§

361.

(Indirect amendment of the Execution Law, 5727-1967.)

Amendment of the Cooperative Societies Ordinance – No. 10§

362.

(Indirect amendment of the Cooperative Societies Ordinance.)

Amendment of the Banking Ordinance – No. 32§

363.

(Indirect amendment of the Banking Ordinance, 1941.)

Amendment of the Civil Wrongs Ordinance – No. 12§

364.

(Indirect amendment of the Civil Wrongs Ordinance [New Version].)

Amendment of the Wage Protection Law – No. 29§

365.

(Indirect amendment of the Wage Protection Law, 5718-1958.)

Amendment of the Securities Law – No. 68§

366.

(Indirect amendment of the Securities Law, 5728-1968.)

Amendment of the Associations Law – No. 17§

367.

(Indirect amendment of the Associations Law, 5740-1980.)

Amendment of the Courts Law – No. 93§

368.

(Indirect amendment of the Courts Law [Consolidated Version], 5744-1984.)

Amendment of the National Insurance Law – No. 201§

369.

(Indirect amendment of the National Insurance Law [Consolidated Version], 5755-1995.)

Amendment of the Financial Assets Agreements Law – No. 4§

370.

(Indirect amendment of the Financial Assets Agreements Law, 5766-2006.)

Amendment of Payment Systems Law – No. 5§

371.

(Indirect amendment of Payment Systems Law, 5768-2008).

Amendment of Bank of Israel Law – No. 5§

372.

(Indirect amendment of Bank of Israel Law, 5770-2010).

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Part 14: Commencement, Application, Transitional Provisions and Temporary Provisions

Commencement and Application§

373.
(a)This Law shall commence 18 months from the date of its publication (hereinafter – the commencement date), and shall apply to proceedings under this Law that commenced on the commencement date and thereafter.
(b)The provisions of the law that applied to them on the eve of the commencement date shall continue to apply to winding-up proceedings under the Companies Ordinance, to compromise or arrangement proceedings in the framework of which a stay of proceedings order was granted under the Companies Law, and to bankruptcy proceedings under the Bankruptcy Ordinance that were pending on the eve of the commencement date.

Transitional Provisions regarding Floating Charge§

374.

Where a floating charge (security interest) that was lawfully registered before the commencement date applies to an asset of a corporation, the restrictions regarding a floating charge (security interest) in section 244 and the provisions regarding preferential debts in section 234 shall not apply in insolvency proceedings conducted in respect of the corporation, and the provisions regarding preferential debts set out in section 354 of the Companies Ordinance, as worded on the eve of the commencement date, shall apply in respect thereof, provided that one of the following conditions is met:

(1)the floating charge (security interest) was granted, inter alia, as security for the repayment of a debt in respect of credit extended before the commencement date; for this purpose, if the repayment date or the rate of interest was changed after the commencement date, the credit shall be deemed to have been extended after the commencement date;
(2)the insolvency proceedings were opened no later than the end of 18 months from the commencement date.

Transitional Provisions regarding Bankruptcy§

375.
(a)Where a provision relating to a bankrupt, to bankruptcy or to proceedings under the Bankruptcy Ordinance was prescribed in legislation before the commencement date, it shall be regarded, from the commencement date, as a provision relating to an individual in respect of whom an order opening proceedings under this Law was made, or to insolvency proceedings conducted in respect of an individual under this Law, as the case may be.
(b)A receiving order made in respect of an individual under the Bankruptcy Ordinance before the commencement date shall be regarded, for the purposes of section 163(c)(4), as another order opening proceedings.

Transitional Provisions regarding Repeal of the Companies Ordinance§

376.

Notwithstanding the provisions of section 359 –

(1)for a period of five years from the commencement date, the winding-up arrangements that applied to an association and to a public benefit company under the Companies Ordinance on the eve of the commencement date shall continue to apply in their regard, in accordance with the provisions of Chapter VII of the Associations Law or the provisions of Chapter I-A of Part 9 of the Companies Law, as the case may be; the Minister, with the approval of the Constitution, Law and Justice Committee, may extend, by Order, the period for additional periods not exceeding five years each;
(2)section 369 of the Companies Ordinance shall continue to be in force in respect of companies that were struck off pursuant to section 368 of that Ordinance before the commencement date of the Companies Law.

Temporary Provision regarding Appointment of Trustee§

376a.
(a)During the period from the commencement date until the 28th of Tevet 5782 (1 January 2022) (in this section – the temporary provision period), the trustee shall not be appointed from the list of trustees compiled pursuant to section 37, and the provisions of Section A of Chapter VI shall be read as follows:
(1)in section 33 –
(a)in subsection (a), at the end thereof, read "the appointment of the trustee shall be in accordance with the provisions of subsections (b) to (f) or in accordance with the provisions of section 35 or 36";
(b)in place of subsection (b), read:

"(b) As trustee shall be appointed a person whom the court is satisfied has suitable professional qualifications and experience and in whom one of the following conditions is met: he is a member of the Bar Association, he holds a licence under the Certified Public Accountants Law, 5715-1955, or he has special skills or proven experience in managing corporations in insolvency proceedings.";

(c)in subsection (c), wherever appearing, the words "from the list of trustees" shall not be read;
(2)in section 34, in place of "from the list of trustees" read "in accordance with the provisions of section 33(b) to (f)";
(3)in section 36 –
(a)in subsection (a), in place of "is not included in the list of trustees" read "does not meet the conditions referred to in section 33(b)";
(b)in subsection (b), in place of "from the list of trustees" read "who meets the conditions referred to in section 33(b) and is not an office holder in a corporation".
(b)During the temporary provision period, section 125(b) shall be read such that the words "from the list of trustees compiled pursuant to section 126" shall not be read, and at the end thereof shall come "provided that if there is a significant increase in the number of insolvency proceedings in respect of a debtor who is an individual, the Commissioner shall examine the need for a corresponding increase in the number of trustees who may be appointed under those same criteria".
(c)During the temporary provision period, section 360(10) shall be read such that in section 342n(a) of the Companies Law cited therein, paragraph (1) shall not be read.

Temporary Provision regarding Benefit under Chapter VIII of the National Insurance Law§

377.

For a period of three years from the commencement date, the following provisions shall apply in respect of a benefit under Chapter VIII of the National Insurance Law:

(1)the National Insurance Institute, which submitted a proof of debt arising from the payment of such a benefit, shall be classified as a separate class meeting, for the purpose of approving a proposed economic rehabilitation plan in accordance with the provisions of Section C of Chapter VII of Part 2 of this Law;
(2)the National Insurance Law shall be read as follows:
(a)in section 180, in the definition "wages", after "excluding a benefit under Chapter XII" insert "but not more than five times the basic amount";
(b)in section 182(1a), the words "in which or after which the court ordered the winding-up of the corporation" shall not be read;

(b*) in section 183, the text thereof shall be marked "(a)" and after it shall come:

"(b) Notwithstanding the provisions of subsection (a), where the court has not, in an order opening proceedings under Chapter IV of Part 2 of the Insolvency and Economic Rehabilitation Law, ordered the winding-up of the corporation –

(1)the wage debt referred to in subsection (a) shall not be paid in respect of a period prior to the five months immediately preceding the date of the making of the order;
(2)the amount of severance pay and also any amount of the wage debt originating in rights arising from the termination of the employment relationship shall be paid in accordance with the provisions of subsection (a) only if, after the approval of the economic rehabilitation plan by the court in accordance with the Insolvency and Economic Rehabilitation Law or after the approval by the court of the sale of the business activity of the corporation for the purpose of its economic rehabilitation in accordance with that Law, the employee did not continue to work in the corporation in respect of which the plan was approved or in the corporation whose business activity was sold.
(c)Nothing in the provisions of subsection (b) shall derogate from the right of the employee to receive additional consideration within the framework of the economic rehabilitation plan under the Insolvency and Economic Rehabilitation Law."

Savings of Validity§

378.

Regulations made under the Bankruptcy Ordinance, the Companies Ordinance and the Companies Law (in this subsection – the existing Regulations) shall remain in force as worded on the eve of the commencement date as if they had been made under the sections of this Law in which the power to make regulations in those matters is vested, and all this unless provisions have been prescribed in this Law in their place in matters regulated by a regulation among the existing Regulations or unless no power has been vested in this Law to prescribe provisions in the matters regulated by the existing Regulations, and all this for as long as the existing Regulations have not been amended or repealed under this Law.

Report to the Knesset regarding Corporations and Individual Debtors§

379.
(a)The Minister shall report to the Constitution, Law and Justice Committee, on 1 June each year, on proceedings under this Law in the year preceding the date of the report, broken down as follows:
(1)in insolvency proceedings in respect of a debtor that is a corporation –
(a)the number of proceedings in which the court ordered the operation of the corporation for the purpose of its economic rehabilitation and the number of proceedings in which the court ordered the winding-up of the corporation;
(b)the number of proceedings in which an economic rehabilitation plan was approved or a final distribution was made pursuant to section 240, in that year, indicating the average extent of the debt in them and the average rate of repayment broken down by type of creditor;
(2)in insolvency proceedings in respect of a debtor who is an individual –
(a)the number of proceedings opened in court, the number of proceedings opened before the Commissioner and the number of proceedings opened in the execution offices;
(b)the number of proceedings in which a payment period was determined in that year, indicating the average monthly payment and the payment period determined for debtors, broken down by proceedings opened in court, before the Commissioner or in the execution offices, and by the district in which they were opened;
(c)the number of debtors who commenced training in proper economic conduct, broken down by those who completed it, and the number of debtors who did not complete it and the reasons therefor, and the number of debtors who were unable to receive the training and the reasons therefor;
(d)the number of proceedings that ended in a discharge in that year, indicating the average extent of the debt in them and the average rate of repayment broken down by type of creditor;
(e)the number of debtors who commenced insolvency proceedings after having previously received a discharge.
(3)in proceedings for the approval of a debt arrangement under Part 10 – the number of applications for a temporary stay of proceedings order that were submitted, the number of decisions granting a temporary stay of proceedings order that were issued, the number of debt arrangements approved during the period of the order and the average rate of repayment broken down by creditors, and all this broken down by the different types of debtors.
(b)(Repealed)

Report to the Knesset regarding Employees – Temporary Provision§

380.
(a)The National Insurance Institute shall report to the Constitution, Law and Justice Committee, on 1 June each year, on the following data, in the year preceding the date of the report:
(1)the number of employees who received a benefit from the National Insurance Institute in respect of a debt of their employer in proceedings under this Law;
(2)the number of employees whose wage debt and severance pay owed to them by their employer exceeded the benefit ceiling under section 183 of the National Insurance Law and their proportional share of all those entitled, as well as the average of the differences between the amount of that debt and the benefit ceiling;
(3)the total amount paid by the National Insurance Institute to employees in respect of employer debts under this Law and the amount in respect of which the National Insurance Institute was not repaid its debt under this Law.
(b)A report as referred to in subsection (a) shall be broken down by employers who are individuals and employers who are corporations, and in respect of employers who are corporations – broken down by proceedings in which or after which the court ordered the winding-up of the corporation and proceedings in which the court did not order the winding-up of the corporation.
(c)A report under this section shall be submitted for a period of three years from the commencement date.

Research – Temporary Provision§

381.

The Ministry of Justice shall conduct research that will accompany the implementation of the provisions of this Law; the research shall examine, inter alia, the effects of transferring the management of insolvency proceedings to the execution offices in respect of individuals with low-amount debts, and the average rates of repayment broken down by type of creditor; the Minister shall report to the Constitution, Law and Justice Committee on the results of the research at the end of three years from the commencement date.

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