Business
Accountability
He handed her a million Canadian dollars to buy a house.
Then the mess started
Bankrupt gave his wife a million Canadian dollars, she bought a house in Canada.
When they divorced she struggled to keep her house and succeeded, but did not know that the Pandora's box had just opened
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Bankruptcy
David Rosenthal
Monday, 01 March 2021, 15:23
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A woman who purchased a home in Canada with money transferred to her by her ex-husband will be forced to return to the trustee a total of C $ 230,000, even though the entire property was registered in her name and even though a court in Canada ruled that all rights belonged to her.
The woman is the third ex-wife of Mordechai Larry, who owned Beta Systems.
In 2017, a liquidation order was issued for the company and Adv. Raz Mengel from the firm of Eitan Erez & Co. was appointed special manager for its assets. Larry was the sole shareholder of the company and in 2019 he was declared bankrupt and Adv. Mengel was appointed trustee of his assets.
This is Larry's second bankruptcy, having been bankrupt since 1985 until the end of 2006, when he was fired.
In 2009, after selling Beta Systems, Larry transferred close to a million Canadian dollars from his company account to his private account in Israel and from there to his ex-wife's Canadian account.
With these funds, the divorcee purchased a property registered in her name only.
In 2016, the couple conducted a divorce lawsuit in Canada in which it was ruled that the property would remain owned by the divorcee.
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To the full article
Tried to make a round as a married man.
It less worked as a divorcee (Photo: ShutterStock)
Adv. Raz BBQ (Photo: Studio 11)
In a lawsuit filed by Adv. Mangal against the divorcee in the Central District Court, he argued that the divorcee should be ordered to return the full money she received from her then husband because it was an improper grant in order to smuggle the money from his creditors. No tax in the amount of half a million shekels was paid. According to him, the divorcee cannot rely on the ruling given in Canada. The trustee also supported the position of the trustee.
On the other hand, the divorcee argued that the house in Canada was purchased to be used as a residence for the family, it is registered in her name only and that she could not be asked to return funds after a court in Canada ruled that the property was hers.
Judge Irit Weinberg-Notowitz accepted the trustee's position and stated that although the house was registered in the name of the divorcee only, it was common to both parties and in any case for the judgment in Canada, half of the rights therein belonged to the debtor.
It was therefore determined that the granting of the funds from the husband to the wife is void.
In light of this, it was required to return to the trustee a sum of approximately C $ 230,000, which constitutes half of the funds transferred to Canada.
In addition, the judge ruled that the ruling given in Canada would not be recognized in Israel and would not constitute a barrier to the return of the funds since it discussed the divorce proceedings between the spouses and noted that the trustee and creditors were not a party to it.
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