The District Court decided today (Wednesday) on an order to dissolve the power company Maccabi Amidar Urban Ramat Gan Ltd."M. On January 5, 211, the Registrar of Dedications submitted a request to the Tel Aviv District Court to dissolve the power company Maccabi Amidar Urbani Ramat Gan Ltd."M. which is incorporated as a public benefit corporation and operates a football team. The liquidation request was based on material deficiencies resulting from the company’s misconduct.
Among other things, significant discrepancies were found between the company’s reports to the registrar regarding its financial conduct and its actual financial conduct, which raises concerns about a prohibited distribution of profits and the use of the company’s assets for non-promotional purposes. In addition, it was found that the company transferred part of its activities to a private company in violation of the Registrar’s instructions, and deficiencies were also discovered regarding the appointment of the company’s institutions. Moreover, the company did not cooperate with an external examiner appointed by the registrar to conduct an in-depth audit.
The Tel Aviv District Court (the Honorable Justice H. Flainer) is holding 3 hearings on the liquidation petition, during which an official was appointed to examine the Registrar’s claims and the company’s activities. The official appointed to inspect the company’s conduct also voted, in duo"H. filed on his behalf, for serious deficiencies in the conduct of the company. Moreover, as part of the procedure, debt claims were filed in the amount of more than NIS 20 million.
The official examined, among other things, the feasibility of rehabilitating the company through investors, but this option was not successful. In the ruling given on 23.12.21 following a long and prolonged hearing, the court ordered the issuance of an order to dissolve the company, which came into force today (29.12.21).