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Settlement Agreements Approved by The Court


The trustee filed to the court a motion for instructions (claim) against the debtor’s family members from the USA, in which, inter alia, Ms. Alice Ann Greenfield, the debtor’s mother (USA citizen), was required to return funds that were illegally transferred to her. After negotiation between the trustee and Mrs. Greenfield, the court approved the settlement agreement according to which Mrs. Greenfield shall return to the creditors’ pool a total of 311,000 USD.


The trustee filed to the court a motion for instructions (claim) against the debtor’s family members from the USA, in which, inter alia, Mr. Jonathan Jay Greenfield, the debtor’s brother (USA citizen), was required to return funds transferred to him by the debtor as a loan, as well as funds held by him for the debtor and/or EGFE corporations and/or smuggled by him to third parties. After negotiation between the trustee and Mr. Greenfield, the court approved the settlement agreement according to which Mr. Greenfield (and his spouse, Mrs. Elysa Greenfield) shall return to the creditors’ pool a total of 680,000 USD.


The trustee filed to the court a motion for instructions (claim) against Elliptic Curve (a company incorporated in Spain, hereinafter “the Spanish company”), in which the Spanish company was required to return funds transferred to it from EGFE Hungary. Another respondent to the motion was Mr. Arie Ben David, who argued that he was entitled to the full amount that the Spanish company was required to return as part of the request.

After the trustee negotiated with the Spanish company and with Mr. Ben David, the court approved the settlement arrangements, according to which the Spanish company shall return to the creditors’ pool a total of 90,000 EUR, out of which a total of 15,000 EUR shall be transferred to Mr. Ben David.


The trustee filed to the court a motion for instructions (claim) against Ilan and Ziona Benor, in which, inter alia, Ilan and Ziona were required to return funds that were illegally transferred to them shortly before the initiation of the insolvency proceedings. After pleadings and affidavits were submitted, on May 11, 2022, a hearing was held in court, during which the parties reached an agreement, which was approved by the court, according to which Ilan and Ziona shall return to the creditors’ pool a total of 400,000 US dollars, and the Benor’s debt claim will be reduced by a 100,000 USD.


The trustee filed to the court a motion for instructions (claim) against Mr. Shmuel Avivi and Mr. Barak Gal (who lives in the US), in which, Mr. Avivi and Mr. Gal were required to return funds that were transferred to Mr. Gal (in the USA) for Mr. Avivi, during the period After the initiation of the insolvency proceedings. After pleadings and affidavits were submitted, a hearing was held in court (during which the trustee deposed Mr. Avivi in a cross-examination). After the hearing, the trustee negotiated with Mr. Avivi, and as a result, the parties reached an agreement that was approved by the court, according to which Mr. Avivi Shall pay the creditors’ pool a total of 130,000 USD [so that the trustee will have the option of claiming the remaining of the requested amount from Mr. Barak Gal, and a judgment in the absence of defense was indeed later given against Gal]. In addition, as part of the Settlement Agreement, a consent regarding the amount of Mr. Avivi’s debt claim was also approved by the court.

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