Better Place Liquidators Move to Stop U.S., Swiss Units From Exploiting Post-bankruptcy Chaos

The Israeli attorneys also want the group's liquidation process to take place at a single court.

Yasmin Gueta
Jasmin Gueta
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Yasmin Gueta
Jasmin Gueta

Better Place's liquidators filed an urgent motion Wednesday asking a court to order the liquidation of two foreign companies in the group so that they don't take advantage of the group's assets or intellectual property.

The two companies are the parent company, Delaware-based Better Place Inc., and Switzerland-based Better Place GmbH.

The liquidators said all investments by the group's controlling shareholders had been channeled through the parent company in the United States, while the group's intellectual property was held by the Swiss company, even though that property had been developed in Israel by Better Place Labs.

"The foreign companies, like other group companies, have effectively shut down all activity, and their managers have resigned or are about to resign," the liquidators, attorneys Sigal Rozen-Rechav and Shaul Kotler, said in a statement.

They said their motion aimed to "to prevent any exploitation of the group's global and complex corporate structure by various parties who might pursue their narrow personal interests based on a formal rivalry with one of the group companies."

The Better Place electric-car infrastructure company, founded by high-tech entrepreneur Shai Agassi, filed for bankruptcy late last month.

Rozen-Rechav and Kotler added that they wanted to concentrate the group's liquidation in the hands of a single court; the motion Wednesday went to the Central District Court in Lod.

"Israel is the proper country in which to concentrate the liquidation of the group's main companies because the center of the group's activity was in Israel and that's where most of the group's ties join together," the liquidators said.

A previous attempt to introduce electric cars to Israel failed when the Better Place company faltered.Credit: Emile Salman

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