Court appoints receiver for OpenWeb
The Tel Aviv District Court appointed a temporary receiver for social engagement platform OpenWeb, one day after declaring it insolvent, following a request by Liquidity Group's Mars Growth Capital over a $20 million debt. Mars claims OpenWeb failed to meet projected figures and did not disclose the termination of its Microsoft partnership in real time.
The Tel Aviv District Court appointed a temporary receiver for social engagement platform OpenWeb, one day after declaring the company insolvent. The receiver was appointed at the request of Liquidity Group's Mars Growth Capital, which is seeking to enforce a lien over OpenWeb's assets due to a $20 million debt. Mars claims that for months, OpenWeb failed to meet its projected figures, a sales deal relied upon for debt repayment underwent a material change, and the termination of the Microsoft partnership was not disclosed in real time. Judge Hagai Brenner wrote that given the company's insolvency, there are grounds to appoint a temporary receiver. The court granted provisional orders requested by OpenWeb but ruled they would not apply to its subsidiaries' assets. The Commissioner of Insolvency Proceedings must propose candidates for temporary trustee within three days. Mars is seeking to enforce a lien over OpenWeb's assets in Israel, including bank accounts, receivables, and intellectual property. OpenWeb raised funds in 2022 at a $1.3 billion valuation, which was cut to $500 million in 2025.