Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeHast thou killed, and also taken possession? If you are an officer and the company suffered no loss – all’s well
Business, Corporate and Joint Ventures
A company pays a 100 grand a month for cleaning services. The new CEO replaces the clean-up team with another service provider that charges only 75 grand a month, but “neglects” to disclose that the new service provider is his childhood friend. This is certainly a blunt breach of trust, but is the officer obligated […]
When addressing a commercial agreement executed between two “returning players” its wording will trump
Commercial, Banking and Financial
High-Tech and Technology
Dispute Resolution
Tabula Com. Ltd. and Walla! Communications Ltd. entered into a cooperation agreement, which stipulated that Walla! may terminate the agreement at any time and for any reason, subject to the payment of liquidated damages. Due to loss of trust between the parties, Walla! unilaterally terminated the agreement. The Court held that the agreement was duly […]
A power of attorney lapses upon loss of legal capacity even if made to ensure existence of a company
Inter-generational transfer of a business
Intergenerational Law (Trusts, Estates, Lasting Powers of Attorney, Parenting)
Notarial Powers of Attorney
A founder and shareholder of a group of companies granted a power of attorney to three of his six children to ensure proper management of the company. Later, the father lost his legal capacity. The Court held that the power of attorney is invalid and expired upon the loss of the father’s legal capacity. Under […]
When a company manager uses his private Gmail account to manage a company he exposes it for review
High-Tech and Technology
Business, Corporate and Joint Ventures
Labor Law and Immigration
Liquidators of Australian companies in liquidation proceedings in the Courts in Australia requested to review the Gmail mailboxes of the manager of the companies, who live in Israel, when it is not disputed that the companies in liquidation did not have their own mailboxes and the manager uses his own private accounts to send and […]
A volunteer may receive compensation for her work, but employing an employee under the guise of a volunteer is illegal
Labor Law and Immigration
Dispute Resolution
A woman who held a position in an educational organization contended that she was due payment of social benefits by virtue of an employer-employee relationship, after the organization contended that she was not entitled to such rights because she was a volunteer and not an employee of the organization. The Labor Court held that there […]
A director who signs a false affidavit of solvency upon voluntary liquidation is personally liable to creditors damaged by it
Maritime, Aviation and Transportation Law
Business, Corporate and Joint Ventures
Commercial, Banking and Financial
A company marketed a cruise in the Mediterranean, but on the third day of the voyage a hole opened in the belly of the ship, as a result of which the ship was forced to anchor in the port of Rhodes and unload the passengers, who after long hours were returned to Israel by flight. […]
A purchaser who did not complete a purchase transaction but has possession of the apartment may be liable to pay appropriate usage fees
Real Estate
Dispute Resolution
An apartment purchaser did not pay the full consideration and took advantage of the fact that the seller moved to Australia to forge a bill of sale and record a transfer of ownership at the land registry. Only 20 years later, after a legal proceeding determined that the bill of sale was forged but the […]
