Infrastructure Firm Y.K.R. Brashi Files for Insolvency Over 27.8M NIS Debt
Infrastructure firm Y.K.R. Brashi has filed for insolvency at the Central District Court over 27.8 million NIS in debts, citing fallout from the COVID-19 pandemic and ongoing war.
The infrastructure company Y.K.R. Brashi, controlled and managed by Ahmed Matar, has filed a motion with the Central District Court to enter insolvency proceedings due to debts totaling 27.8 million NIS. Established in 1990, the company describes itself as a leading player in earthmoving works and infrastructure development for diverse projects, including road paving, infrastructure development, and the execution of water, sewage, and drainage lines.
Clients and Operations
According to the motion, the company's clients include the Israel Electric Corporation, the municipality of Ramat HaSharon, the municipality of Jaljulia, the municipality of Tira, the Kadima-Zoran council, and the Herzliya Development Corporation. Brashi employs 34 workers. The firm attributes its collapse to a combination of the COVID-19 pandemic and the war that began in late 2023.
The outbreak of the Iron Swords war in October 2023 posed additional challenges and significantly burdened its operations, a trend that later intensified due to Operation Am Kelavi.
Financial Decline and Liabilities
Attempts at rehabilitation worsened the situation, as delays in executing works and receiving payments severely impacted cash flow. The company accumulated 11 million NIS in debts to tax authorities, 11 million NIS to the financing firm M.L.R.N., 2.7 million NIS to Peninsula, and 2 million NIS to various suppliers. Despite holding equipment valued at 2.5 million NIS and expected receivables, the company can no longer meet its obligations.
