Despite $600m exit, Israeli court orders liquidation of Guardicore | News Scrap>
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In the application, ther Israel Tax Authority claims that in a preliminary assessment by the Income Tax Division predicts that Guardicore’s tax liability is expected to amount to NIS 200 million, and “There are indications that the company’s tax liabilities could total a higher amount than NIS 200 million.” The reason for the ambiguity over the company’s final debt is because Guardicore has not yet filed its annual report to the Israel Tax Authority for the 2022 tax year, after receiving an extension to submit it until October 31, 2023.The Israel Tax Authority claims that although the company’s debts to the Income Tax Division are not final and their repayment date has not yet been reached, they must be considered as debts for the purpose of approving the opening of liquidation proceedings by the court and appointing a trustee to prevent the smuggling of assets out of the company.However, according to the Israel Tax Authority, the company should be transferred to liquidation proceedings by the court as part of “insolvency”, under the voluntary liquidation procedure, and an order should be issued to open proceedings against it due to the company’s inability to repay the debts to the Authority.In the request, it was stated that “From a letter received by the Income Tax Department from the company’s accountant, it appears that a total of approximately $50 million of the amount of the share transaction was made in cash, and at this stage it was requested to transfer the balance of receivables from the purchasing company to the company, in the amount of approximately $300 million, exempt from tax at source.” This request by Guardicore’s accountant raised a red flag at the Tax Authority and the assessor’s office asked the accountant for documents in order to receive clarifications.
Link: https://news.blogtop10.com/2023/10/01/despite-600m-exit-israeli-court-orders-liquidation-of-guardicore/