Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeWhen a Bank Meets a Red Flag and Settles the Account with You
Commercial, Banking and Financial
International Transactions and Dispute Resolution
The relationship between a client and a bank is sometimes similar to a relationship between a couple. At first there are smiles, promises, declarations, establishment of trust but with time comes the stage of routine in which each request from the other require persuasion. However, what happens when the partner – the bank – lost […]
Post-mortem of shipping company – the GSS debacle/Nathan Cecil and Rebecca Niumeitolu, Adv.
Maritime, Aviation and Transportation Law
An article on the collapse of GSS international shipping company, by Nathan Cecil, partner and Rebecca Niumeitolu, Adv., of the Australian law firm of Holding Redlich with whom we work closely on IPO’s in the Australian market. Holding Redlich is a leading Australian law firm with a team of 55 experienced partners and over 120 […]
A protected tenant may be entitled to compensation as a condition for evacuation even if in breach of agreement
Real Estate
Dispute Resolution
An apartment seller terminated on a Friday the sale transaction by a laconic letter based on non-payment of consideration on time, ignoring the requirement of the agreement to give a prior notice and on Saturday already sold the apartment to another purchaser. The Court held that according to the agreement a written notice prior to […]
One who participated in an arbitration may not later contest the power of the arbitrator
Commercial, Banking and Financial
Dispute Resolution
A dispute between partners in a diamonds trading business was settled by an arbitrator in accordance with an arbitration agreement. One of the partners sought to void the arbitral award, inter alia, contending that the arbitration was conducted in lack of authority. The Supreme Court held that the one who does not recognize an arbitrator’s […]
A shareholder who undertook to pay a company debt may endorse to their account company cheques
Business, Corporate and Joint Ventures
Labor Law and Immigration
Dispute Resolution
Employees demanded that shareholders of a liquidated company be personally liable for payment of social benefits because the shareholders endorsed to their account cheques of the company to the shareholders’ accounts before the full liability of the company is paid to the employees. The Court rejected the claim and held that the shareholders acted to […]
As long as a winner of a tender did not fulfil all tender conditions the agreement with it does not materialize and the tender process does not end
Public Law, Environment and Tenders
Dispute Resolution
An entrepreneurial company won a tender to lease land for construction in the area of the Be’er Sheva municipality. When it encountered difficulties with the municipality, it turned to the District Court, claiming that it was a lawsuit on the interpretation of a contract and not in tenders’ law. The Court dismissed the claim on […]
A “back to back” clause will not apply when the non-payment to the main contractor is not related to the sub-contractor
International Transactions and Dispute Resolution
Commercial, Banking and Financial
Dispute Resolution
International companies engaged in the provision of energy services contracted with an Israeli company to serve as a main contractor for the construction of a natural gas-based power station. The contractor contracted with a subcontractor to carry out earthworks, infrastructure and roads in the project with the calculation to be by way of a measurement […]
Failure to sign an amended Founders Agreement does not damage its validity unless the non-signature was intentional
Business, Corporate and Joint Ventures
High-Tech and Technology
Dispute Resolution
A group of friends set up a joint venture to locate turbulences during flight. The signed founders agreement set that the application will be based on software developed by one of the entrepreneurs, but the company is granted unrestricted use of the software and ownership of all products produced therefrom. The agreement was later amended […]
