This is the first time that an English court has recognized a bankruptcy order issued in Israel.
For the first time, a UK court is enforcing a bankruptcy order issued in Israel within the UK. The High Court in London has declared Israeli businessman Eli Reifman bankrupt and granted trustee Adv. Eitan Erez authority over Reifman's assets in the UK.
The High Court issued an order recognizing the bankruptcy order against Reifman signed in Israel and appointed Erez as trustee. The decision will enable UK claimants, who are subject to English law, to petition for redress in the case. The court decision gives Erez the same authority as trustee in the UK that the Tel Aviv District Court granted him in Israel.
So far as is known, this is the first time that an Israeli bankruptcy order has been recognized in the UK, pursuant to a 2006 law recognizing cross-border bankruptcy orders. English law firm Moon Beever Solicitors represented Adv. Eitan before the English High Court.
Published by Globes [online], Israel business news - www.globes-online.com - on September 26, 2011
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