Last Wednesday a short six-page document dramatically changed the life of the former most powerful man in the Israeli economy. Following the decision of Judge Nurit Tabib-Mizrahi of the Tel Aviv Magistrate’s Court to order insolvency proceedings against Nochi Dankner, the former controlling shareholder of IDB was thrown into a new reality, which he has been trying to avoid for 10 years: life as a bankruptee in Israel.
“I have actually been insolvent for ten years or more,” Dankner said in court. “A decree will be issued in this matter right now, and I respect that.”
What is the extent of Dankner’s debt, which led to his being declared bankrupt?
The original debt was estimated at about NIS 510 million, most of which was…