Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeInsolvency proceedings will not be initiated against a company that can be rehabilitated
Business, Corporate and Joint Ventures
Dispute Resolution
The Israeli oil refineries (Bazan Ltd.) has entered a state of insolvency and negotiated with its bondholders who constitute 99% of its creditors for the purpose of rehabilitating the company. In parallel, a creditor of the company with a debt in the amount of ILS 615,000 filed a motion to initiate insolvency proceedings against the […]
A four-month delay in delivery of an apartment due to the Covid-19 epidemic may be reasonable and not entitling to compensation
Real Estate
Dispute Resolution
A purchaser of an apartment sought compensation from the contractor after receiving the apartment in about four months delay, due to the Covid-19 epidemic. The Court dismissed the claim and held that the delay was due to circumstances beyond the contractor’s control and do not justify compensation. Israeli law stipulates that more than sixty days […]
A marketing director should not be held personally liable for the payment of compensation for breach of the Spam Law by the Company
Business, Corporate and Joint Ventures
Copyright, Trademarks Media and Artists
Dispute Resolution
A person who received spam mail demanded compensation from the company’s marketing director after contending that by virtue of her position she was directly responsible for breaking the law. The Court dismissed the claim against the marketing director and held that there is no room to charge her personally. With regard to the publication of […]
An employee who acts in the framework of his position in favor of a competing business will be required to compensate the employer
Labor Law and Immigration
Dispute Resolution
An employee assisted the former CEO of a company, who set up a competing business, while working in the company and contacted a company customer to divert its business for the competing business. The Labor Court held that the employee’s conduct was extremely severe and the employee must compensate the company for breaching the duty […]
A Common Law marriage status does not automatically entitle to spouse’s pension
Notarial Prenups
Notarial Services
Dispute Resolution
A couple who ran a joint household as well as family life for many years, until they separated, executed a prenuptial agreement, which excluded each spouse’s entitlement to the other’s pension. The Court held that the woman is not entitled to her former spouse’s pension. “Common Law marriage” is a case where a couple decides […]
A trust agreement for the holding of shares will be enforced unless there is an oral agreement turning it to an ostensible agreement
Business, Corporate and Joint Ventures
Trusts
Dispute Resolution
Two French businessmen, one of whom migrated to Israel and the other to Dubai, signed an agreement under which one will hold shares in a chain of companies for the purpose of holding a Portugese hotel in trust for the other. After the ownership of the hotel was transferred to a third party in breach […]
On James Bond and Official Receiver 2021 – The unsettling easiness of a financial murder in Israel
Business, Corporate and Joint Ventures
In June 2010, I published an article in the The Marker titled “The unsettling easiness of a financial murder in Israel” in which I compared James Bond, a killer in the name of the Queen, to the Israeli Official Receiver. The first deliberately eliminates enemies of the Kingdom and the second negligently eliminates businesses and […]
