Receiver appointed for cell phone developer modu

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The company's debt to Israel Discount Bank has reached NIS 21.3 million.

Tel Aviv District Court Judge Eitan Orenstein today acceded to the request of Israel Discount Bank (TASE:DSCT) and appointed Adv. Hanit Nov as receiver for cell phone developer modu. modu, founded by CEO Dov Moran, was placed in receivership after its debt to Israel Discount Bank reached NIS 21.3 million.

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As part of his decision, the judge decided that the receiver is authorized to receive all property with liens but at this stage she is not authorized to realize assets until such a request is filed with the court.

In November, modu failed with its IPO on the Tel Aviv Stock Exchange.

Published by Globes, Israel business news - www.globes-online.com - on December 26, 2010