Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeUpon purchase of a public shell accumulated losses may be used only if there was a commercial base for the purchase
Mergers and Acquisitions
Taxation and Government Incentives and Funding
Capital Markets and Stock Exchange Regulations
About a year and a half after a pubic company collapsed, control of the shell was acquired and a profitable activity was introduced into it. However, the Tax Authority refused to recognize the use for offsetting gains in skeletal accumulated losses in excess of ILS 150 million. The Court held that the accumulated losses may […]
A party affected by a breach of contract is not entitled to compensation for a loss that it could have prevented or reduced
Commercial, Banking and Financial
Dispute Resolution
A manufacturer of glasses contracted an Israeli distributer to be an exclusive distributor and later unduly cancel the agreement. It later offered the distributor to keep the exclusivity if the distributor purchases a certain quantity but the distributor refused. The Supreme Court held that the offer for alternative transaction is not deemed an attempt to […]
An employee who did not return to work after receipt of prior notice of termination is not deemed as resigning
Labor Law and Immigration
Dispute Resolution
A foreign employee from Thailand worked at a restaurant with a work visa. When the visa expired, the restaurant bought him a flight ticket to Thailand but the employee did not board the flight, remained illegally in Israel but did not return to the restaurant. While the employer contended that in doing so, the employee […]
Restricting a commercial center from leasing to competing businesses is an invalid restrictive arrangement
Real Estate
Dispute Resolution
Between a commercial center owner and a lessee, a lease agreement was signed to operate a mini-market. Under the agreement, exclusivity was granted to the operator of the mini-market. After 12 years, the commercial center’s owner allowed more stores to sell products that may compete with the mini market. The Court held that it is […]
Lasting Power of Attorney – Not Just for the Third Age but also for Young Start-Up Entrepreneurs
Lasting Power of Attorney
Intergenerational Law (Trusts, Estates, Lasting Powers of Attorney, Parenting)
Notarial Services
An entrepreneur of a startup company which was represented by our firm had a serious illness which caused him to be hospitalized in a coma state for a long period of time, unable to manage the company, which came to a standstill because the entrepreneur was the key person in the company. This is a […]
A bank may close an account of a client that was entered into the American “black list”
Commercial, Banking and Financial
Dispute Resolution
An Israeli businessman operating in South Sudan through his owned and controlled companies held an account with an Israeli bank for him and the companies. Following the US Treasury Office of Foreign Assets Control announcement of the inclusion of the businessman and his companies in the “black list” of money laundering or terrorist financing suspects, […]
A foreign company filing a claim in Israel will usually be required to deposit a security for the costs of the defendant
Business, Corporate and Joint Ventures
International Transactions and Dispute Resolution
Dispute Resolution
A Russian citizen, a Russian company and an American citizen filed a lawsuit in Israel and the defendants demanded that they deposit a security for the costs of the defendants as a condition of holding the proceeding. The Court rejected the request for deposit. When the claimant lives outside of Israel and does not have […]
