Regional news: Israel
Aon’s Bermudian vehicle launches Ch15 as Vesttoo dispute continues
A Bermudian segregated accounts company linked to global insurance broker Aon is seeking Chapter 15 relief to aid its discovery efforts against bankrupt Israeli fintech Vesttoo, who it has threatened with arbitration over an alleged large-scale fraud.
29 August 2023
Fintech company seeks Israeli recognition of US bankruptcy amid fraud claims
Tel Aviv-based fintech Vesttoo has asked a Delaware court to authorise it to act as a foreign representative so it can seek Israeli recognition of Chapter 11 proceedings it commenced last week amid a threatened arbitration in Bermuda over an alleged large-scale fraud.
21 August 2023
BVI court discharges Israeli real estate investors from receivership
Two companies that own real estate in Israel have been discharged from receivership in the British Virgin Islands after a local court found the Israeli lawyer who made the application failed in her duty of disclosure.
11 March 2022
Urbancorp foreign rep denied leave to appeal anti-deprivation claims
The Israeli foreign representative of Canadian property group Urbancorp will not be able to appeal failed claims based on the common law anti-deprivation rule, so the value of a 50-year land lease could remain in the debtor’s estate for creditors rather than benefitting the group’s controlling family.
04 March 2022
Suspected Ponzi schemer’s bankruptcy recognised in New York
A New York bankruptcy court has recognised the Israeli insolvency proceedings of investment company EGFE Israel and its CEO – a “wanted” alleged fraudster who is suspected to be behind one of the largest Ponzi schemes in Israeli history.
03 November 2021
US recognition sought for alleged Australian-Israeli tax scam
The liquidator of a group of companies owned by an Australian family, who are embroiled in an alleged international tax avoidance scheme with Israeli banks, has sought Chapter 15 relief in New York.
01 October 2021
US recognition sought for fugitive investor’s Israeli insolvency
The trustee of an American-born fugitive who allegedly orchestrated a “complex and massive cross-border fraud” has sought recognition of his Israeli insolvency proceedings in New York.
04 August 2021
No assets? No problem! Israeli trustee accesses UK concealment structure
The Israeli trustee of a property investor once rumoured to be Israel’s largest private bankrupt has persuaded an English court to transfer him the rights to a UK company believed to be at the top of a structure intended to hide German assets – though no assets have been identified as yet, even by private investigators.
08 April 2021
Israeli trustee ineligible for assistance, BVI appeal court rules
A BVI appeal court has upheld the local recognition of an Israeli personal bankruptcy but found that the bankrupt’s Israeli officeholder cannot be granted assistance, a decision the court said it came to “with some regret”.
24 February 2021
Validity Finance hires former Kirkland partner in Houston
US-Israeli litigation funder Validity Finance has hired former Kirkland & Ellis partner Sarah Williams as portfolio counsel in Houston, as demand for bankruptcy-related funding increases.
09 November 2020