Attorney Ran Masika Appointed Trustee for Nochi Dankner’s Assets Following Bankruptcy Filing
Nochi Dankner, the former powerful Israeli businessman and ex-controller of IDB Group, entered bankruptcy proceedings last week. Following this, the Insolvency Commissioner appointed attorney Ran Masika as trustee over Dankner’s assets. Masika, who also serves as trustee for Asher Ben Oz, requested this week to order Ben Oz’s detention due to alleged non-cooperation, a claim Ben Oz denies.
The appointment order was submitted to the Tel Aviv Magistrate’s Court today, officially naming Masika as trustee for Dankner’s estate. Masika must submit an affidavit within three days confirming no conflict of interest and report any potential conflicts to the Insolvency Commissioner. He is authorized to conduct a comprehensive financial investigation into Dankner’s income, expenses, debts, liabilities, and assets, including past holdings and the circumstances leading to Dankner’s financial distress. The trustee will also notify Dankner’s debit card issuer to terminate his card agreement.
Last week, the Tel Aviv Magistrate’s Court approved Dankner’s entry into bankruptcy without opposition. This process imposes restrictions on Dankner, including limiting his use of debit cards to ATM withdrawals or immediate debit cards, and restricting the establishment of new companies if the trustee believes it could harm creditors.
Dankner’s bankruptcy follows demands from four major banks, Bank Leumi, Bank Hapoalim, Mizrahi Tefahot, and Discount Bank, that he be declared bankrupt due to unpaid debts totaling approximately 550 million shekels. Despite a debt settlement signed about a decade ago and a recent amendment requiring a 10 million shekel payment by April, Dankner failed to meet his obligations. He had sought to repay the debt through restructuring rather than bankruptcy, a process ongoing for over ten years.
In a recent affidavit, Dankner explained his prolonged efforts to settle debts stemming from personal guarantees for IDB Group-related companies, describing the repayment attempt as a Sisyphean task due to accumulating interest. At age 71, he acknowledged he can no longer meet the agreed repayment schedule. Attorney Shalom Goldblat represents Dankner. Trustee Ran Masika stated he has begun the necessary investigations to advance the legal process, marking the initial phase of the bankruptcy proceedings.
