Senior attorneys who represent giant corporations in Israel convened at an Israel Bar Association Conference for a special panel session and they attempted to provide answers to questions and challenges that globalization presents to the local legal and business world. Adv. Alex Hertman, a senior partner in our firm, explained that “the law always comes last when it comes to economic developments and it is not only in the State of Israel, but the entire world. This is particularly true when it comes to the recognition of foreign judgements relating to status and insolvency – since the legal world is considered as local and reflects social values and perceptions”.
According to him, the State of Israel was not prepared in the past to recognise that globalization exists and that companies that operate and trade in Israel are also active in other countries and that it is necessary to recognize foreign judgements relating to their status. The new insolvency law, which will enter into force soon, is initiating a significant change in the State of Israel’s approach regarding recognizing foreign insolvency proceedings.
For full coverage of the panel, visit TheMarker here