Conflict Over Ramat Gan TAMA 38 Project: Ayalon and Platinum Seek Receiver Appointment
Ayalon Insurance and Platinum Capital have filed a court motion to appoint a receiver for a completed TAMA 38 project in Ramat Gan, citing 48.9 million shekels in outstanding debts and liabilities.
Ayalon Insurance and Platinum Capital Financial Escort have filed a court motion to appoint a receiver for the rights of the company "Dankner 38 Renewing Quality of Life - HaSar Moshe 2 Ramat Gan," regarding a TAMA 38 project in Ramat Gan that has reached completion. The motion is based on claims that the company’s debts and liabilities to the financing parties total 48.9 million shekels.
The parties are embroiled in a mutual financial dispute. Last June, "Dankner 38" filed a lawsuit for approximately 4 million shekels against Ayalon and Platinum Capital, alleging that the firms used their signing rights as leverage for improper pressure and exorbitant interest calculations.
Claims by the Financing Parties
In the motion filed by attorneys Gil Dan, Ron Ravid, and Linoy Sabach, the applicants argue that although the project—which involved demolishing an existing building to construct 18 units—is 96.3% complete, it has not been finalized according to the escort agreement. Key allegations include:
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Exceeding the project budget.
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Failure to meet occupancy deadlines, with the final apartment still not handed over due to construction defects.
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Failure to obtain a final occupancy permit and fulfill conditions for releasing Sale Law guarantees.
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Unauthorized change of control within the company without prior written consent.
The applicants further noted that a mediation process led by retired Judge Hila Gerstel was unilaterally cut short by the company, which then proceeded to file its own lawsuits.
Response from Dankner
In a formal response, the Dankner company stated:
"Dankner filed a multi-million shekel lawsuit against Platinum Capital and Ayalon two months ago for severe management failures and improper conduct that caused heavy damage to the project. This alleged motion for a receiver is a cynical and embarrassing attempt to deflect from the lawsuit they have failed to defend against. There is no debt to these parties; their claims refer to guarantees for apartments already handed over to buyers in a project completed through Dankner's efforts."
The legal battle remains ongoing as both sides prepare for further proceedings.
