The Expo Fund demands from the courts to open proceedings against Eldad Perry housing co.
Posted on Oct 12, 2020 by Ifi Reporter
The Expo Fund, a non-bank financing fund that provides credit mainly in the field of real estate, today (Monday) submitted an application to the Magistrate's Court in Rishon Lezion for an order to open proceedings against Eldad Perry, claiming that it has become insolvent.
The application was also submitted by Adv. Gabriel Rubenbach (as a trustee for other lenders). The fund against companies in the Eldad Perry Group for the realization of collateral.
The legal proceedings against the group companies were suspended due to a stay of proceedings order given by the Central District Court and two trustees were appointed to the group. The trustees, Adv. Gonen Kastenbaum and Adv. Ehud Gindes, submitted a report last week stating that action must be taken to rehabilitate the group.
The Expo Fund opposes the freezing of proceedings for companies controlled by Perry and requests its cancellation in relation to assets pledged to its credit. As part of the application against Eldad Perry, the Expo Fund requested an order prohibiting Eldad Perry from carrying out operations on all his assets, funds and rights in Israel and abroad, as well as appointing a temporary trustee on behalf of a court to locate and preserve Perry's assets.
The Expo Fund stated today: "Filed a personal bankruptcy petition against Eldad Perry in court. Out of responsibility for investors' money and finding a solution for the benefit of the buyers, the Expo Fund decided to file a personal bankruptcy petition against Eldad Perry in court, personally signed as a trustee (and not just Perry). Real Estate 'and' Fruit Strategies'). "In addition, the Expo Fund will continue to operate in all legal ways available to it to exercise its rights as a first-degree lien on the land for the purpose of repaying the secured debt and protecting as far as possible the rights of members of the purchasing groups. We call on trustees and anyone financially harmed by Eldad Perry to join this application."
The Eldad Perry Group stated that "this is a vengeful idle procedure whose entire purpose is to put unnecessary pressure on the members of the groups. The trustees stated in the report they submitted that the group has the potential for rehabilitation, Expo insists on sabotaging the procedure out of private interests and with the aim of harming the group members and other creditors. We believe that the court will not give a hand to this. "
The Eldad Perry Group was established in 2013 by Eldad Yosef Perry as the holding company that heads a group of companies that mainly deals with the organization of purchasing groups in the real estate industry.