Temporary Liquidator Seeks Court Approval to Sell Erazim College for NIS 1.3 Million

The temporary liquidator of Erazim College, a complementary medicine institution in Petah Tikva, has filed a request with the Central District Court to approve the sale of the college's assets and operations to businessman Tzvi Yehuda Bichler, CEO of Maayanot College for Complementary Medicine, for 1.3 million shekels. Attorney Gonen Kastenbaum, the liquidator, emphasized that although this was the only offer received, it represents the best possible deal given the college's current financial distress, benefiting both the liquidation estate and the college's creditors.

The sale aims to ensure the continuity of academic activities for hundreds of students, preserve employment for faculty and staff, and maximize returns for the liquidation fund. The transaction includes tangible and intangible assets such as the college's reputation, equipment, educational materials, website, and databases, all sold as-is. Kastenbaum highlighted Bichler's extensive experience managing similar colleges and his deep industry knowledge, which supports the goals of the liquidation process and the ongoing operation of the college.

Erazim College, which employs about 150 staff and serves roughly 400 students across three campuses in a leased complex, offers over 250 courses in approximately 35 fields including naturopathy, Chinese medicine, shiatsu, and reflexology. The college, founded by faculty and students as a public-benefit educational institution, filed for temporary liquidation in May after accumulating debts of approximately 12.7 million shekels. Despite efforts to restructure, merge, and find buyers, the college became insolvent.

The proposed payment terms require an initial transfer of 500,000 shekels upon court approval, with the remaining 800,000 shekels paid in 24 equal installments over two years. The college's building is not part of the sale, and the buyer must arrange lease terms with the property owner. The court is scheduled to review the sale request on Monday. The liquidator praised the dedicated work of the college's faculty and administration, expressing optimism that the institution will continue to serve as a professional and supportive environment for students and staff.