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A district court in Israel has ruled to impose personal liability on a company’s CEO and director for the company’s accumulated debt to the Registrar of Companies in respect of annual fees, after the company ceased operating, because the CEO and director refrained from opening court proceedings to liquidate the company.
Companies should promptly settle unresolved issues with the Registrar of Companies in order to avoid sanctions, fines, and difficulties obtaining credit.
The Ministry of Justice recently published a new memorandum regarding an amendment to the Companies Law. This amendment seeks to authorize the Registrar of Companies to administratively strike off a company from the Companies Register.