Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeI promised, but did not promise to keep – the risk of contracting local authorities
Public Law, Environment and Tenders
Commercial, Banking and Financial
Dispute Resolution
An article on the importance of taking the correct measures when contracting a local authority, in order to avoid a later repudiation of the agreement and refusal to pay the consideration
False representations in the ‘Know Your Customer’ form justifies blocking a bank account
Cryptocurrency, NFT and Web-3
Commercial, Banking and Financial
Dispute Resolution
A bank abruptly blocked a customer’s bank account once it was discovered that the account was used for trading in virtual currencies (such as Bitcoin( without a proper license and in contradiction to the statement made by the customer when opening the account and filling out the “Know Your Customer” form. The Court held that […]
A customer of advertising services who does not ensure that the contractor does not send spam messages will be personally liable for sending the spam
High-Tech and Technology
Commercial, Banking and Financial
Dispute Resolution
National lottery companies have entered into an agreement with a contractor to provide advertising services, which contractor sent spam messages. A woman who received such a message demanded compensation from both the contractor and the companies ordering the service. The Supreme Court held that a class action can be filed against the clients of the […]
A creditor who possesses a negative cautionary note is deemed a secured creditor in bankruptcy of the landowner
Real Estate
Business, Corporate and Joint Ventures
Dispute Resolution
In accordance with a loan agreement, a “negative” cautionary note was recorded on a real estate asset in favor of the lender to ensure repayment, regarding the borrower’s obligation to refrain from making a real estate transaction. Shortly thereafter the borrower was declared bankrupt. The Supreme Court held that the recording of a negative cautionary […]
Parties may be part of an unregistered partnership even if they chose a different form of incorporation
Business, Corporate and Joint Ventures
Mergers and Acquisitions
High-Tech and Technology
An entrepreneur and a computer engineer began working on a joint project while stating in a founders agreement that the activity relating to the project will be transferred in the future to a new company to be incorporated. After the parties found themselves in disagreement, and prior to the establishing of the company, the engineer […]
A family company managed by only one of its shareholders is not necessarily deemed operating as a ‘partnership’
Business, Corporate and Joint Ventures
Dispute Resolution
A shareholder in a family company sought, among other things, to dissolve the ‘partnership’ and to liquidate the company due to an allegation of shareholder oppression. The Court held that there is no shareholder oppression and there is no justification for liquidation of the company. Shareholder oppression occurs when there is a violation of the […]
A descriptive mark is not eligible for registration unless a distinctive characteristic is added
Commercial, Banking and Financial
Dispute Resolution
Copyright, Trademarks Media and Artists
A center operating a global financial forum requested the registration of a trademark for the mark “Center for Fourth Industrial Revolution”, for which it has a trademark registered in Switzerland. The Trademarks Registrar held that the mark is a descriptive mark only, lacking a distinguishing character and therefore, not eligible for registration. A descriptive mark […]
