Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeA shareholder is entitled to receive data on the company both from the company and directly from the control holder who manages it
Business, Corporate and Joint Ventures
International Transactions and Dispute Resolution
Dispute Resolution
A minority shareholder of a British Virgin Islands company managed from Israel did not intervene in the management of the company but regularly received his share of the profits. At some point, the control holder demanded that the minority will waive some of his holdings because he is not participating in the management and when […]
When will a defective bank guarantee result in disqualification of tender bid?
Public Law, Environment and Tenders
The Tender laws are less than forgiving when it comes to a defective bank guarantee of a bidder. The Courts apply a strict approach under which a defect in the bank guarantee leads to the disqualification of the bid other than under very limited exceptions. In many cases, a losing bidder hopes to find defects […]
A safety office may not deviate from the limitation of the license and deviation will lead to suspension of the license
Public Law, Environment and Tenders
Labor Law and Immigration
Dispute Resolution
A truck driver was killed after the driver failed to secure the truck’s crane and the crane hit a bridge that collapsed on the truck and only by miracle, no one else was injured. The Ministry of Transportation suspended the safety officer’s license after in a hearing conducted following the accident it was revealed that […]
Purchaser of a real estate asset is to pay an insolvent seller’s debt of betterment levy
Real Estate
Dispute Resolution
Public Law, Environment and Tenders
A seller of an apartment entered bankruptcy proceedings and did not pay the betterment levy as agreed under the sale agreement. As a result, the local planning committee refused to issue a confirmation of payment, which is required for the registration of real estate rights. The Supreme Court held that, considering legal policy reasons, the […]
A personal assets-freezing injunction for a shareholder will be granted only in exceptional cases and when this will benefit the Company
Commercial, Banking and Financial
Business, Corporate and Joint Ventures
Dispute Resolution
A fashion company that became insolvent filed an application for protection from creditors both as to itself and its controlling shareholders, contending that during this time of distress the shareholders are required to devote their full time and energy to saving the company and not to protecting their personal assets from creditors. The Court rejected […]
A used vehicle trader must report a car accident that the car passed both in the publication of the car and in the due diligence form at the sale
Commercial, Banking and Financial
Dispute Resolution
A used car trading company published an ad in which it wrote that the car did not pass any accidents. A representative of the company went with the buyer to a garage that reported that the car has no material issues and the buyer purchased the vehicle. However, shortly after the purchase and after repeated […]
An employer may be liable to larceny by its employee if was negligent in supervision but also without negligence
Commercial, Banking and Financial
Labor Law and Immigration
Dispute Resolution
A company that operates points of sale of baked goods terminated the agreement with the shipping company and offset the entire debt in respect of the goods shipped after it discovered that an employee of the shipping company and its employee stole merchandise in an amount greater than the amount of the debt for the […]
