
Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeIn a partnership unlimited by time each partner may dismantle the partnership by a notice
Business, Corporate and Joint Ventures
Dispute Resolution
Parties signed an agreement to examine the feasibility of a business activity between them and later also a partnership agreement that specified a minimum period of time. Over time, the partners entered into a dispute and one of them notified of the termination of the partnership. The Court held that the partnership was duly terminated. […]
Bitcoin is not a currency exempt from evaluation taxation but an asset taxable upon sale
Commercial, Banking and Financial
Cryptocurrency, NFT and Web-3
Dispute Resolution
A purchaser of Bitcoin sold it about two years later at a profit of approximately ILS 8M. The tax authority imposed capital gains tax on the profit. The Court rejected the appeal and held that under the definition of “Foreign Currency” in the Bank of Israel Law, a Bitcoin is an asset and not a […]
A letter of intent not intended to be binding might still be an agreement
Commercial, Banking and Financial
Any lawyer specializing in mergers and acquisitions will agree that the Number One enemy of any transaction are the businesspeople. Indeed, they are the client, they know what they want to achieve, but they are also emotionally involved in the transaction and even if they assumedly speak the same language, each might mean different things. […]
A distributor selling counterfeit goods risks paying liquidated damages without proof of damage
Commercial, Banking and Financial
Dispute Resolution
A distributor sold fake products of a well-known personal care company in Israel and contented not to have known that they were counterfeit. The Court accepted the claim and held that the distributor is to pay compensation due to the sale of the counterfeit products without the need to prove actual damage. When a business […]
A lessee may not suspend rental payments due to a claim of damage
Real Estate
Dispute Resolution
A lessor sought the evacuation of a lessee who canceled checks, inter alia, due to a contention of set-off and due to a claim of the lessor’s debt to it due to damage. The Court accepted the claim and ordered the eviction of the lessee from the property. Obligation of the lessee to pay rent […]
The airliner is not liable for missing a connecting flight if the air traveler organized such separately
Maritime, Aviation and Transportation Law
Dispute Resolution
Air travelers made two separate reservations for two flights with the same airliner, with the combination of the two flights intended to bring the passengers to their final destination. The first flight was delayed, and the passengers missed the continuing flight, thus reaching the destination late. The Court rejected the claim for compensation and held […]
An employee of a wholly owned subsidiary of a public company may not demand the public company to pay his salary
Business, Corporate and Joint Ventures
Dispute Resolution
Labor Law and Immigration
A CFO of a private company handled the process of listing it on the stock exchange, and when the procedure failed, the process of a reverse merger into a public shell. It was agreed that he would start working as an external service provider to the company and would receive significantly higher fees and options […]