Afik News 224 15.02.2017

Afik News 224 15.02.2017

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Legislative Updates

January 19, 2017

Options granted for services before 1.1.2003 will be taxed as a yielding income

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...
February 8, 2017

Change in the investment policy of a public company must be immediately reported to the Israeli ‎Securities Authority

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...
January 20, 2017

Granting quantity discounts in advance as a loan to be repaid if sale goals are not met is not a restrictive trade agreement

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 owner argued, inter alia, that it is a restrictive trade agreement meant to ...
January 29, 2017

A trustee in bankruptcy may ignore a verdict obtained under fraud, conspiracy or undue process

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...
February 7, 2017

A foreign judgment will be enforceable in Israel if was given under due process

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...
January 31, 2017

A municipality may impose a lien on all real estate of a debtor even if they are not the source of the debt

A municipality imposed a lien on real estate assets belonging to a debtor due to city tax debt...
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