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On Cryptocurrency, Taxes, and how a Fictitious Nicaraguan Currency Rises in Israel

Walking in Tel Aviv I saw on the pavement a sign in Hebrew and English noting that a motorcycle using the pedestrian zebra crossing is subject to a fined of ₪ 250. The sign was in Hebrew and English – the Hebrew using the currency mark but in English, as the letter combination is used, for some reason, in various places in Israel, the currency was written as:...
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Not any Indemnification Letter Actually does the Work

Recently we see more and more cases of directors and officers who find themselves at the center of legal proceedings against the companies in which they serve. In many cases, the company insured the officer, but the main disadvantage of insurance (even if the insurance company does accept its responsibility) is that sometimes the insurance compensation is limited...
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A letter of intent not intended to be binding might still be an agreement

Any lawyer specializing in mergers and acquisitions will agree that the Number One enemy of any transaction are the businesspeople. Indeed, they are the client, they know what they want to achieve, but they are also emotionally involved in the transaction and even if they assumedly speak the same language, each might mean different things. It is thus customary...
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On how to save money on a partnership agreement and destroy the business

So, you met with some friends or family members and decided to set up a business together. Due to the existing relationship between the parties, you decided to not formalise the transaction (which sometimes takes time and delays the start of activity) rather just to start activity. Without a proper agreement between the parties, or worse, if the parties signed...
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The new Australia-Israel tax treaty – major boost to trade and co-operation

In 2017 the Afik&Co. law firm took upon itself to promote the Israel-Australia trade relationship and join the amazing work done for decades by the Australia-Israel Chamber of Commerce. Afik & Co. does that in cooperation with Australian law firms and with Israeli and Australian accounting firms, including the national Australian law firm of Hall Chadwick. ...
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Removal of Entities from the ASX Official List

The greatest fear of any listed company, especially one undergoing a period of distress, is being delisted prior to finalisation of a transaction that will ensure its re-listing. Such an outcome generally becomes the end point for the company, at least for its then current management, as I learnt in over 20 years of experience as an equity capital markets specialist...
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On Banks, Anxiety and Money Laundering

The Israeli Prohibition on Money Laundering Law was enacted in 2000 and marked a new era in the State's handling of money laundering. In the explanatory notes to the law, prior to its enactment, money laundering was defined as "an act in property, sometimes by means of the financial system, with the aim of inculcating property originating in criminal activity...
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On Alchemy (turning steel into gold), Cousins and Prime Ministers

A person (e.g., Israeli Prime Minister Benjamin Netanyahu) invests a significant amount of Dollars in a "failed" American private company, with a significant discount on the share price, and after a few years sells his shares at a huge profit. In the same example, the Prime Minister (in an attempt to fight off public criticism) declares to the public in several...
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Ongoing Power of Attorney–A Legal Guiding Light for a Foggy Day

One of the fears that preoccupy many people is what will happen if, and when, one loses the ability to make decisions. Who would guide him through the fog? How can I ensure that my will be honored even when I am unable to express it anymore? The great uncertainty was settled by the Israeli legislator in 2016 as part of Amendment 18 to the Legal Capacity and Guardianship...
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Better Late Than Never-Have you Heard of a Belated Hearing?

In recent years there has been a significant case law development in connection with the obligation to hold a pre-dismissal hearing in the private labor law sector. The high compensation awarded for failure to hold a hearing led to a situation in which employers are well aware of their duty. At the same time, this awareness does not always lead to a reality that...
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Had it not had three sides it wouldn’t have been my duck!

It is said that every story has three sides: your side, my side, and the truth. Sometimes transactions also have three different sides/stories: the story written in the agreement, the story the parties actually intended to write, and the story that the Court later decides to be the real story. Like any good novel (especially when the agreement is not well drafted...
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The Economic Competition Law, Restrictive Arrangements and Prison Sentences

A software company develops a successful product that allows easy payment by credit card and offers it to business owners. The provider of the accounting system to such businesses, however, in an attempt to prevent the software company from penetrating the market, makes it clear to the business owners that if they work with that new competitor, they will disconnect...
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You Shared or Liked on Facebook? The Court Claim Against you is En-Route

A friend shared on Facebook a picture or a post with his opinion on an election candidate. With great enthusiasm and a light hand on the keyboard, you decided to press the “like” button or even share the post. Does this make you responsible to whomever might be hurt by the post? Every day we are exposed to posts displayed on our Facebook feed. Some of which...
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The Risk of Disqualification of a Tender Win Due to Failure to Meet Time Restrictions Following the Win

A winner of a tender was late by four days in one of the payments required to be made in order to consummate the win – is this a technical glitch or a material defect that may result in the cancellation of the winning in the tender? A decision given by the Israeli Supreme Court in January 2019 discusses a case where the winner of a tender for purchase of land...
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Employer, an employee signed a waiver? It is not necessarily valid /Shira Zaken Porat, Adv.

A company employs an employee for a limited period. Before extending the agreement and payment of certain payments related to the finished period of employment, the company demands that the employee sign a waiver as to the previous period of employment. Is such waiver valid under law? In recent years, the trend of the case law regarding signing of a waiver is...
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Employee Stock Option Plan – Nothing New Under the Sun

Every employee in the high-tech industry (and these days also in other sectors of the economy) knows the term "ESOP" and often start-ups, with the aim of saving legal costs, also create an employee stock option plan and option grant agreements instead of salary (or as part of the salary) without first consulting a lawyer and an accountant who are knowledgeable...
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So how do you properly list an Israeli company on the ASX

When in Rome do as the Romans do. In Australia, behave like an Australian! When I flew to Australia about 10 days ago with a new Israeli company seeking to go public on the ASX, I was requested to explain why the 18th listing of an Israeli company in Australia (Security Matters Ltd., successfully listed on 15 October 2018) was so successful. There is no doubt...
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On Yair Netanyahu and Infringement of Privacy

One morning you discover that the taxi driver who took you and several friends from a night out, recorded you talking about personal issues and published it on the Internet. There is no need to describe the embarrassment and aggravation caused, especially where the published personal information is not something you wished anyone to hear. Not being a public figure,...
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With proper planning and a stroke of luck you may avoid betterment tax

Israeli Zoning Law provides a window of opportunity in the interim period between the date of publication of the bettering plan and the date of its entry into effect, 15 days after publication. With proper planning and a stroke of luck, one may sometimes be able to be spared from paying a betterment tax. The Zoning Law empowers the local planning committee to...
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Employer: Do not invite an employee to a termination hearing before seeking alternatives for his employment in another position

An employer holds a conversation with a veteran employee who is close to the retirement age, during which he explained that he wished to remove the employee from his administrative position due to pertinent considerations of structural changes in the company. The parties agree that the employer will consider options for continuing the employment of the employee....
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On (Employees) Stock Options and Divorces

Statistics indicates that more than a quarter of married couples in Israel will undergo a divorce. Some would say, like the well-known comedian Louis C.K., that marriage is just the preparation for the really good thing - the divorce. At the time of the divorce, the spouses' assets are balanced and for this purpose each party's assets are evaluated. Among other...
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Will You Marry Me (oh, but First Sign a Notarized Prenup)?

A prenuptial agreement is often a source of friction when the demand is raised by one of the spouses (or, in many cases, a parent of one of them) before marriage but is an important tool for preventing future conflicts and is certainly vital when it comes to parties that already own property and they enter a non-marital relationship. Not many know that a prenup...
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On Illegal Gaming, Commercial Lotteries and Mechir Lamishtaken

Such a scenario no one could have imagined. The Minister of Finance flagship project – “Buyer’s Price” ("Mechir Lamishtaken”) for the reduction of housing prices for young couples, is in fact illegal due to the fact that it did not receive a permit to conduct a lottery as required under Israeli law. How many years imprisonment will be sentenced to the Minister...
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Failed to hold a hearing before terminating an employee? It might still be OK

In recent years more and more verdicts ordered employers to compensate employees on the ground that no legal hearing has been held before deciding to terminate their employment. Despite the high awareness among employers regarding the obligation to hold a hearing, many employers still fail to do so. But does the failure to hold a hearing always entitle an employee...
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