Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeA general manager is to report to the board of directors any material unusual issue
Business, Corporate and Joint Ventures
Dispute Resolution
Commercial, Banking and Financial
A general manager of a company manufacturing and marketing construction products discovered that one of the two shareholders (each holding 50% and also acting as a director) is using company business data and trade secrets and hired an attorney to file a claim against him by the company. The Court held that a general manager […]
I signed a contract without an end date. How do I get out of it?
Commercial, Banking and Financial
Long-term agreements generally do not include an expiration date and are sometimes not even based on a signed document that accurately defines the rights of the parties, including the right to terminate the contract. Is signing an agreement for a period that is not fixed in time binding forever? Israeli Courts held that an agreement […]
A derivative claim for the benefit of a shareholder and not for the company will not be approved
Business, Corporate and Joint Ventures
Taxation and Government Incentives and Funding
Dispute Resolution
A company owned by two brothers was ran for 30 years as it does not exist, with its only asset being the right to register in the future as an owner of a store. For years the company has no income tax file and a family partnership reported revenues from leasing out of the store. […]
A company able to pay its debts in the short run may distribute dividends with approval of the long-term creditors
Business, Corporate and Joint Ventures
High-Tech and Technology
Dispute Resolution
A private technology company wanted to distribute dividends to its employees, who are also its main shareholders. The Company can meet its liabilities for the short-term, but the dividend distribution raises concerns about the ability to repay its long-term liabilities. The District Court approved the dividend’s distribution and held that in order to distribute a […]
A historic real estate transaction may be recognized even in lack of a writing
Real Estate
Dispute Resolution
A land transaction was executed about 60 years ago without a written document. The holders of the land demanded to be recognized as the legal owners of the land despite lack of a written proof. The Court held that under law an obligation to make a land transaction requires a written document. The statute of […]
In an in rem claim to execute a maritime lien regarding a ship, the actual litigant is the ship’s owner
Maritime, Aviation and Transportation Law
International Transactions and Dispute Resolution
A German company filed an in rem claim to the Maritime Court against a ship that owed it money for the supply of fuel (the proceeding was filed in Israel because the ship was detained in the Ashdod Seaport). It should be noted that a Court in Germany held in a conclusive judgement that the […]
Payment for non-compete that enables continue of employment will be classified for tax as revenue
Taxation and Government Incentives and Funding
Commercial, Banking and Financial
Business, Corporate and Joint Ventures
A company sold its business operations and entered into a non-competition agreement with some of the managers, including a one-time payment for the non-competition for each of them. The Court held that in order to examine the classification one must distinguish between a situation of “cutting down the entire tree,” in which case the remuneration […]
A non-Jew who was adopted by a Jew and who maintains a meaningful relationship with him may be entitled to Israeli citizenship
Domestic Relations
Public Law, Environment and Tenders
Labor Law and Immigration
A Jew married a non-Jewish in Uzbekistan and adopted her son who was close to 18 at the time. The authorities in Uzbekistan registered the son as Jewish but when he sought to receive an Israeli citizenship he was refused. The Supreme Court held that the Israel Law of Return enables Jews to receive Israeli […]
