Nohi Dankner was left without a passport and credit cards as part of bankruptcy proceedings

The Tel Aviv Magistrate’s Court granted the petition of Leumi, Hapoalim, Mizrahi-Tfahot and Discount banks to initiate bankruptcy proceedings against businessman Noha Dankner.

According to the court order, Dankner must surrender his passport and credit cards. Also, he will not be able to establish new legal entities and go into the red on his bank account.

In the near future, the former multimillionaire will have to leave his villa in Herzliya and move to an apartment building in Tel Aviv.

Once every two months, he will have to submit a statement of income and expenses to creditors.

It should be noted that Dankner himself withdrew his objections to the bankruptcy proceedings initiated by the banks: “I give up. I gave up everything I have, including the pledge of my rights in my father’s inheritance, the main asset of which is Beit Hashenhav in Jerusalem, the sale of which I am now discussing with the buyer.”

Dankner, who controlled the IDB concern, the largest in the Israeli economy, came to settle the debt due to the high level of debt and the pyramidal structure through which he, owning little capital, controlled companies worth tens of billions of shekels.

An insolvency administrator will be appointed to negotiate with the banks over the balance of Dankner’s debt and the sale of his assets.