Selina Operation Israel, which operated hotels around Israel, today filed for liquidation in the Tel Aviv District Court. The company ceased operations in August 2024 after its parents company in the UK opened insolvency proceedings in England.
The request claimed that the company has no operations, assets, management offices or employees and that it has NIS 1.5 million in unpaid commitments to authorities, suppliers and employees as well as a NIS 32 million loan.
The company attributes its collapse to the collapse of the English parent company and its sale to a Singaporean corporation. "The parent company Selina plc previously managed a series of hotels around the world and was traded on the stock exchange in New York. The company financed its expansion by taking out credit from financing bodies and raising money from investors, but the Covid pandemic, as well as the increase in interest rates worldwide, caused the closure of hotel sites for many months, and as a result, Selina plc entered insolvency proceedings in England, and local trustees were appointed."
According to the application, filed by Adv. Ehud Gindes of the Goldblatt Gindes law firm, in August 2024 the trustees sold the assets of the parent company to a Singaporean corporation, which notified all subsidiaries of the termination of the directors' terms in all subsidiaries, including the Israeli company where cofounders CEO Rafael Museri and chief growth officer Daniel Rudasevski served. "It appears that the Singaporean corporation has no interest in the companies operating in Israel, most likely due to the war and the slump in tourism in the country," the application states.
As a result, Selina claims that it has been left without an "owner" and no replacement directors have been appointed, and it has found itself in insolvency. The company had no financial resources to assist the subsidiaries operating the properties, pay the property owners' rent and their ongoing expenses, and it has ceased operations.
Published by Globes, Israel business news - en.globes.co.il - on March 5, 2025.
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