Tel Aviv District Court Judge Varda Alshech today declared Emblaze Ltd. (LSE: BLZ) founder Eli Reifman bankrupt and appointed Eitan Erez as receiver of his assets.
Alshech ordered Reifman to provide Erez a monthly report on his business, income, and expense. Within 21 days, Reifman must submit a report detailing his current assets, as well as all assets held in the past five years, what happened to them, and where they are located.
Alshech also banned Reifman from leaving Israel until the bankruptcy proceedings are complete, unless an authorized court grants him permission to leave.
The bankruptcy petition states that Reifman's file includes 43 debt claims against him amounting to NIS 207 million, and NIS 55 million in deferred debts. His receiver has just NIS 900,000.
Last week, Tel Aviv District Court Judge David Rosen convicted Reifman of aggravated fraud, forgery, and use of forged documents to obtain NIS 6.3 million in loans from Winton Capital Holdings Ltd and Double U on the basis of false representation that he owned nine million Emblaze shares.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2011
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