The former IDB chairman informed the Tel Aviv Magistrate's Court he no longer opposes the opening of insolvency proceedings against him, clearing the way for a bankruptcy declaration. The petition was filed by four major banks over a debt of about 550 million shekels.
Nochi Dankner, the former controlling owner of IDB Holding Corporation, has told the Tel Aviv Magistrate's Court that he withdraws his opposition to the opening of insolvency proceedings against him, according to a notice filed Wednesday. The development follows a petition filed by Bank Leumi, Bank Hapoalim, Mizrahi Tefahot Bank, and Israel Discount Bank over a debt of approximately 550 million shekels, including interest and indexation. The banks are the principal creditors in the case, which stems from personal guarantees Dankner provided for loans extended to IDB during his tenure. As The Zioneer reported earlier Wednesday, Dankner was expected to be declared bankrupt; his concession in court now paves the way for the formal ruling. The magistrate's court is expected to issue the declaration shortly, after which a trustee will be appointed to manage his assets. The case is one of the largest personal bankruptcy proceedings in Israeli corporate history, reflecting the collapse of the IDB empire, once the country's largest holding company.
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