{"id":79679,"date":"2022-05-22T13:45:58","date_gmt":"2022-05-22T10:45:58","guid":{"rendered":"https:\/\/lawoffice.org.il\/%d7%a2%d7%99%d7%a7%d7%95%d7%9c-%d7%97%d7%a9%d7%91%d7%95%d7%9f-%d7%91%d7%a0%d7%a7-%d7%91%d7%9e%d7%94%d7%9c%d7%9a-%d7%a4%d7%a9%d7%99%d7%98%d7%aa-%d7%a8%d7%92%d7%9c\/"},"modified":"2023-12-09T18:24:02","modified_gmt":"2023-12-09T16:24:02","slug":"sequestered-bank-account","status":"publish","type":"post","link":"https:\/\/script_transfer_new.mowfns.ap-southeast-2.wpstaqhosting.com\/en\/sequestered-bank-account\/","title":{"rendered":"Sequestered bank account during bankruptcy proceedings"},"content":{"rendered":"

Bank account attachment is one possible restriction during an insolvency procedure<\/a>. A debtor who files for bankruptcy is subject to various restrictions and obligations. In fact, the moment the debtor is ordered into receivership, all collection of the debts are frozen until the bankruptcy process is investigated and completed. One of the main restrictions imposed upon the debtor concerns the management of their bank account. In this article, attorney Nechama Ovadia will present a brief explanation of how a debtor handles their finances and manages their own sequestered bank account.\"sequestered<\/p>\n

Management of the debtor\u2019s bank account<\/u><\/strong><\/h4>\n

As mentioned above, one of the restrictions imposed upon the debtor regards the management of their bank account. The main aspect of this restriction is that the debtor is placed under supervision by the specially appointed manager or trustee<\/a> responsible for overseeing the debtor\u2019s income and expenditures. This is done by reviewing the monthly reports submitted by the debtor as part of the bankruptcy investigation. However, once the debtor has gone into receivership, there is an instruction which enables the debtor to manage a bank account, under the following restrictions:<\/p>\n