Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeAn escrow of shares may be recognized even if not been registered at the register of shareholders
Intergenerational Law (Trusts, Estates, Lasting Powers of Attorney, Parenting)
Business, Corporate and Joint Ventures
Dispute Resolution
A person held a share in a company for another but was registered as a shareholder at the register of shareholders and not as an escrow agent. When he requested to review company documents, he was refused because he is not the real shareholder. The Court rejected the motion to order the company to deliver […]
A bid in a tender that includes reservations seriously undermines the principle of equality and should be cancelled
Public Law, Environment and Tenders
Dispute Resolution
A tender bidder accompanies the bid with a letter of reservations with the proposal that significantly changes the terms of the tender but nevertheless won the tender. The Court cancelled the winning and held that the principle of equality was given priority status in the tender laws and is sometimes referred to as the “soul […]
Payment to an hourly worker shall be at the end of the month even if calculation is made in a manner which does not fit the calendar month
Labor Law and Immigration
Commercial, Banking and Financial
Dispute Resolution
The Junior faculty members at the University of Haifa, who work on an hourly basis and report their hours each month until the 19th received their salary only at the beginning of the next month – thus, the salary for 19th of January through 18th of February is paid only at the beginning of March […]
Taxation of payment for a non-compete obligation
Commercial, Banking and Financial
Taxation and Government Incentives and Funding
In the framework of a merger transaction, the manager of a company or a shareholder signs a non-competition agreement and receives monetary compensation in consideration thereof. A few years later, during an audit by the Tax Authority, the Authority suddenly contends that the compensation is considered labor income and must be taxed accordingly (a tax […]
An agreement made for a company in incorporation will be obligating if the company ratified it after its incorporation
Business, Corporate and Joint Ventures
Real Estate
Dispute Resolution
A person purchased real estate on behalf of a company that he incorporated only three weeks later and adopted the agreement after its incorporation. A few days later, the seller withdrew and sold the land to another. The Supreme Court held that a valid agreement with the company exists. Actions taken by an entrepreneur of […]
Imposition of a lien for a disputable debt constitutes defamation
Commercial, Banking and Financial
Taxation and Government Incentives and Funding
Dispute Resolution
A municipal water corporation imposed a lien on the bank accounts of a real estate development company for a water debt, despite the fact that the debt was in dispute. The Court held that the lien constitute defamation against the company. Imposition of a lien by itself constitutes publication of defamation because it presents to […]
Delivery of a new apartment from a contractor will not be automatically delayed due to changes by the purchaser even if the agreement so stipulates
Real Estate
Dispute Resolution
A contractor had the purchasers of a new apartment sign an agreement according to which because the tenants sought to make changes in their (yet to be built) apartment, the date of apartment delivery under the contract may be postponed by 60 days. For reasons unrelated to such changes the apartment was not delivered on […]
