Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeA non-trading public company without a large number of shareholders may cease reporting as a public company
Capital Markets and Stock Exchange Regulations
Dispute Resolution
A public company which shares were delisted as early as 2010 sought to cease reporting as a public company after this request was approved at a shareholders meeting by a majority of 70% of 106 public shareholders. The Court held that the company may cease reporting as a public company. Generally, a reporting corporation which […]
Some thought on Europe’s private hostile takeover of the business world
Commercial, Banking and Financial
European Law and Regulations
Privacy, GDPR, Confidentiality and protection of reputation
An article on the GDPR, their worldwide adoption even though there are merely a European directive and the risks of a company that does not conduct a risk survey and an internal enforcement plan on the subject
When there is an obligation of “best efforts” and third party’s approvals are required, the best efforts requires not to delay and to promote the approvals
Real Estate
Commercial, Banking and Financial
Dispute Resolution
As part of a compromise agreement, the owner of a shopping center undertook to act with due diligence, to register the shopping center as a condominium with the Land Registry and to record the ownership of the buyer of two of the stores in his name within 5 years. However, this was not finished within […]
Preventing the ability to assign a right of claim in torts does not apply in case of mergers and acquisition of a corporation
Commercial, Banking and Financial
Mergers and Acquisitions
Dispute Resolution
A company’s plant was damaged by a flood due to actions of local authorities. Sometime after the flood and regardless thereof, the company was voluntarily liquidated and merged into the activities of another company, which sought compensation from the local authorities for the damage. The local authorities refused to pay damages because the plaintiff company […]
A 15-minute delay in submitting a bid for a tender justifies disqualification of the bid
Public Law, Environment and Tenders
Dispute Resolution
A lawyer was 15 minutes late in submitting 31 envelopes for a tender published by the Israel Lands Authority which included offers of 76 bidders to a plots marketing lottery designated for building housing units for non-homeowners local residence of the Abu Sanan local authority. The bids were disqualified even though the delay was, as […]
When the founders agreement prohibits competition with the company but does not set its scope of activity one need find what was the intention upon its execution
Maritime, Aviation and Transportation Law
Business, Corporate and Joint Ventures
Commercial, Banking and Financial
In a company engaged in military projects in the naval field, which was established by Israeli Navy veterans, the founders agreement stipulated that the shareholders are not to engage in the field of the company scope of activity other than via the company. Over the years, the company has expanded its activities to other types […]
A license application for Financial Services Providers may be denied solely based on confidential intelligence information
Commercial, Banking and Financial
Dispute Resolution
Public Law, Environment and Tenders
The Israeli Capital Market Authority rejected a license application for a financial services provider due to confidential intelligence information from the Israeli Police regarding involvement in money laundering offenses. The Supreme Court held that the intelligence information raised concerns for public safety, justifying the rejection of the license application. The Israeli Law’s main objective is […]
A loan agreement that does not include a repayment date will be construed as a loan that must be repaid within a reasonable time
Commercial, Banking and Financial
Mergers and Acquisitions
Dispute Resolution
A company engaged in importing, distributing and investing in real estate transferred funds to a company engaged in operating photocopiers in educational institutions and providing photocopying and printing solutions, with the transfer of funds was made according to loan agreements. The loan was not repaid and the company that received the funds contended that such […]
