Debt settlement approved: Partner will continue to operate, NIS 6 million will be transferred to creditors
Partner's debt settlement was approved with the consent of 100% of the creditors. The settlement includes an immediate injection of funds from shareholders and a five-year spread, allowing the company to continue operating as a "going concern." A total of approximately NIS 6.3 million will be transferred to creditors.
The debt settlement of Partner, a company providing office rental services to independent lawyers, was approved today (Sunday) with the consent of 100% of the creditors. The settlement includes an immediate injection of funds from shareholders and a five-year spread from the company's revenues, allowing it to continue operating as a "going concern." Under the settlement, a total of approximately NIS 6.3 million will be transferred to the settlement fund or to creditors. Shareholders will inject NIS 3.7 million, of which an initial amount of NIS 550,000 has already been transferred. The settlement was submitted by the settlement administrator, Adv. Elad Afari of the Naschitz Brandes Amir & Co. law firm. The company was founded by lawyers Elad Netz and Danit Lari, and the company's chairman is Adv. Dudi Zalmanovich. Partner approached the court in June requesting a stay of proceedings, citing circumstances that burdened its operations: the COVID-19 pandemic, security events since October 7, the interest rate hike, and a slowdown in demand for offices. Additionally, the recruitment of lawyers for reserve duty reduced their income. In the original request, Partner pointed a finger at Sela Capital, from which it leased space, claiming it was locked into an expensive contract. Sela Capital, in turn, claimed a unilateral breach of the agreement.