Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeA trustee in bankruptcy may ignore a verdict obtained under fraud, conspiracy or undue process
Business, Corporate and Joint Ventures
Commercial, Banking and Financial
Dispute Resolution
A Court validated a settlement agreement between a debtor and a creditor. About sixteen years later, when a trustee in liquidation of the debtor recognized such verdict, the debtor argued that the creditor was represented by the wife of another judge at the same Court the verdict was given. The Supreme Court dismissed the claim […]
A municipality may impose a lien on all real estate of a debtor even if they are not the source of the debt
Dispute Resolution
Real Estate
A municipality imposed a lien on real estate assets belonging to a debtor due to city tax debt. The Supreme Court accepted the appeal and held that the Tax Collection Ordinance empowers a municipality to impose a lien on assets of a debtor of city tax. The statutory language and its purpose enable imposition of […]
Change in the investment policy of a public company must be immediately reported to the Israeli Securities Authority
Business, Corporate and Joint Ventures
Dispute Resolution
A group of investors filed a class action against a public company and its officers for damage incurred due to breach of regulatory disclosure obligations when the company decided to deviate from its published investment policy without due report to the Israeli Securities Authority. The Court accepted the motion in part and held that public […]
A foreign judgment will be enforceable in Israel if was given under due process
International Transactions and Dispute Resolution
A person received in French an ex-parte Court verdict and moved the Court for enforcement in Israel. The defendant argued that he did not know about the filing of the claim and thus it should not be enforceable in Israel. The Court held that in order to determine whether a judgment is enforceable in Israel […]
Options granted for services before 1.1.2003 will be taxed as a yielding income
Commercial, Banking and Financial
Business, Corporate and Joint Ventures
Taxation and Government Incentives and Funding
A director in a Company received non-traded options in exchange for his services. Upon exercise of the option they were taxed as a yielding income rather than capital gains. The Court held that between a director (whether a professional director or a regular director) and the company exist relationship of granting and receiving services. Therefore, […]
Granting quantity discounts in advance as a loan to be repaid if sale goals are not met is not a restrictive trade agreement
Competition
Dispute Resolution
Commercial, Banking and Financial
A distributor of drinks had a restaurant owner sign an agreement under which he receives quantity discounts where such discounts are granted in advance as a loan to be repaid only if the sale goals are not me. Against the loan the owner signed a debenture. When the distributor tried to collect on the debenture […]
The agreed arbitrator refuses to accept the nomination. What to do?
Dispute Resolution
International Transactions and Dispute Resolution
Parties to an agreement agree that a specific person is to serve as an arbitrator in any future disputes between them. Upon a conflict, the parties turn to such person, but he refuses to take upon himself the position. By refusing to serve as an arbitrator has the arbitration clause expired? An arbitration agreement is […]
