Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeA memorandum of understanding may be binding even without execution of an elaborated agreement
Commercial, Banking and Financial
Dispute Resolution
A landowner and entrepreneurs signed a short three-page document headed “memorandum of understanding” (MOU) stating that an elaborated contract containing material commercial conditions will be signed within 60 days. An elaborated contract was never signed but the entrepreneurs sought to see the MOU as a binding one. The Court rejected the claim and held […]
Selling an activity of a company does not cancel obligations under existing agreements
Business, Corporate and Joint Ventures
Dispute Resolution
A company entered into an agreement for the purchase of 1,500 tons of frozen vegetables from another company. After receiving approximately 900 tons, the entire activity was sold to a third party and it was no longer able to supply the rest of the goods. The Court held that the seller and whoever sold him […]
In a closely-held company that violated employee rights it is more plausible to pierce the corporate veil
Labor Law and Immigration
Dispute Resolution
An employee was employed as a cook in an events venue, when every few years she was passed to be employed by another company of the family. After about 10 years the employee resigned due to her medical condition and demanded her rights both from the company which employed her and from its shareholder. The […]
One may not install an air condition unit on the external wall of a neighboring apartment
Real Estate
Dispute Resolution
Tenants in a condominium installed an air condition system on the outer wall of their neighbors’ apartment. The Court ordered the removal of all the air condition units installed on the outside wall of the neighbors’ apartment and required the tenants to install them on the wall of their apartment. One may not live a […]
The use of money from customer trading deposits for current payments may cause the corporation’s veil to be raised
Commercial, Banking and Financial
Business, Corporate and Joint Ventures
Dispute Resolution
An investor deposited money in the company for a guaranteed yield. The company did not inform the investor that regulatory changes were expected in the market and when these went into effect, it stopped its activity. Moreover, the company did not separate the money from the deposit into its own money and its shareholder, who […]
So how do you properly list an Israeli company on the ASX
Capital Markets and Stock Exchange Regulations
When in Rome do as the Romans do. In Australia, behave like an Australian! When I flew to Australia about 10 days ago with a new Israeli company seeking to go public on the ASX, I was requested to explain why the 18th listing of an Israeli company in Australia (Security Matters Ltd., successfully listed […]
A company may fire a disabled employee based on legitimate considerations
Labor Law and Immigration
Commercial, Banking and Financial
Dispute Resolution
An employee with a significant medical disability, which did not affect his work, worked as a security officer of a company. It was decided to cancel the security officer position and because there were no other relevant positions for the employee in the company, the employee was called for a hearing, after which it was […]
