Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeThe attachment of a bank’s guarantee to a tender offer amounts to a flaw justifying its disqualification
Public Law, Environment and Tenders
Dispute Resolution
A tender participant attached to the bid a copy of the bank guarantee, while the tender terms required the attaching the original guarantee. The tender committee disqualified the bid. The Supreme Court held that the bid is disqualified because a copy, and not the original, was attached to the bid. Flaws in guarantees attached to […]
Dilution of minority shareholders by issuance of shares will not necessarily be deemed oppressive
Business, Corporate and Joint Ventures
Dispute Resolution
Shareholders of a publicly traded company contended that the controlling shareholders raised capital in order to take over the company by diluting their holdings in the company, resulting in the company entering the stock exchange’s conservation list, limiting share trade and finally resulting in the company entering liquidation. The Court held that this is a […]
When tendering morality and insanity
Public Law, Environment and Tenders
A famous saying attributed to Albert Einstein states that insanity is doing the same thing over and over again and expecting different results – does this apply also to public tenders? If a shopping mall discovers that a tenant with a turnover-linked rent provided false data, the owner would be insane to ever lease to […]
A lessor may exercise a bank guarantee during the Coronavirus crisis despite lessee’s claims for lack of a right to receive rent
Real Estate
A hotel owner ceased to pay rent during the Coronavirus crisis and opposed the cashing of the bank guarantee by the lessor. The Court held that there is no legal impediment to cash the bank guarantee even though questions arise on the moral level. The bank guarantee is a financial instrument of great importance that […]
Non-payment of city taxes by a company personally obligate its controlling shareholder
Public Law, Environment and Tenders
Business, Corporate and Joint Ventures
Taxation and Government Incentives and Funding
A holding company that held a number of properties in Tel Aviv went into liquidation and was unable to pay the municipality its debt for city taxes. The municipality sought to hold the controlling shareholder liable for the payment of the company’s debt. The Court held that the shareholder of the company is personally liable […]
Calcalist: Founder of Cyber startup Bio-Nexus is setting up a new investment fund
High-Tech and Technology
Mergers and Acquisitions
An article published on 25.05.2020 in the Calcalist newspaper, correspondent Golan Hazani, on a new high-tech investment fund founded by entrepreneur and Israeli businessman Ztiki Kurland-Fuch accompanied by the Afik & Co. law office.
When a vessel sinks in the Israeli territorial water a non-Israeli may also receive data from the Israeli authorities
Maritime, Aviation and Transportation Law
Public Law, Environment and Tenders
Dispute Resolution
A ship got caught a storm and sank in the Israeli territorial waters. Following the incident, a damages claim was filed by the cargo owners, whom are neither citizens nor residents of Israel, and requested the Israeli Administration of Shipping and Ports (ASP) which investigated the incident, to disclose data related to the investigation for […]
Review of whether an employee position is a trust position not encompassing payment for overtime is pursuant to the circumstances and not the name given to the job
Labor Law and Immigration
Dispute Resolution
In a family company, held by two brothers both over 70 years old, a conflict broke out between the brothers. The son of one of the brothers, who served as a manager in the company, demanded that the company pay him about ILS 725,000 for overtime. The Labor Court dismissed the claim because the employee […]
