New Amendment to the Israeli Insolvency Law – grant of the option for a stay of proceedings against a corporation for the purpose of approving a debt arrangement without the appointment of an external officeholder to replace the company’s management

On 4 March 2021, an amendment to the Israeli Insolvency and Rehabilitation Law (Amendment number 4 – Temporary Provisions – the New Coronavirus) 2021 (“Temporary Provisions”) was published. This Temporary Provisions will become effective on 18 March 2021.

On Wednesday 29 April the Outer House of the Court of Session in Edinburgh issued an opinion sanctioning two schemes of arrangement proposed by Premier Oil Plc and Premier Oil UK Limited (together, Premier Oil) (the Schemes). The Court addressed multiple grounds of challenge and did so without hearing live evidence, despite disputes of fact between the parties.