Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
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Commercial, Banking and Financial
Business, Corporate and Joint Ventures
Capital Markets and Stock Exchange Regulations
An article about the importance of legal advice from an experienced lawyer who knows all the facts and when a legal opinion will have any meaning at all. The article was written by Doron Afik, Esq. of Afik & Co., Attorneys and Notary.
A decision made in breach of a veto right set in the articles of association will be considered a decision unduly taken
Business, Corporate and Joint Ventures
Dispute Resolution
Company shareholders decided that part of the investment in the company will be converted into shares, without taking into account the founder’s veto right, even though the company’s articles of association stipulated that the company’s founder has such right regarding such a transaction. The Court held that the decision was unduly taken. The law stipulates […]
Approval of terms of agreement by clickwrap is deemed a written agreement, including as to an international arbitration obligation
High-Tech and Technology
International Transactions and Dispute Resolution
Dispute Resolution
AB-Inbev, which produces various beer brands (Corona, Beck, Stella, Leff, Budweiser and more), canceled after 30 years a distribution agreement with an Israeli distributor and contended that all legal proceedings between it and the distributor are required to take place in arbitration in Switzerland because in each purchase order is done online and distributors are […]
A maritime vessel half of which is in Israeli ownership must be registered in Israel
Maritime, Aviation and Transportation Law
Dispute Resolution
An Israeli citizen applied for a permit to sail in Israel on a yacht owned by him and registered in the United States of America but was refused because the yacht is not registered in Israel. The Court rejected the motion and held that the vessel should not be allowed to sail in Israel. The […]
A company shareholder who did not take the company’s assets after its collapse will not be liable for the company city tax debt
Business, Corporate and Joint Ventures
Taxation and Government Incentives and Funding
Public Law, Environment and Tenders
Two companies that operated gyms in Jerusalem ran into financial difficulties and ceased operations. The companies left behind city tax debts (Arnona) in the cumulative amount of about two million shekels and the Jerusalem municipality demanded that the shareholders and company officers pay the debt in person. The Court dismissed the claim and held that […]
Not every unprofitable bid in a tender justifies its disqualification
Public Law, Environment and Tenders
Dispute Resolution
A bidder in a tender for the provision of debt collection services to a local authority sought to disqualify the winning bid, inter alia, due the fact that the bid was relatively low priced compare to the tender estimation and due to the concern that it is a deficit and tactical proposal. The Court dismissed […]
When two parties to a contract act in bad faith they may bear joint responsibility for damage due to its breach
Real Estate
Commercial, Banking and Financial
Dispute Resolution
Two parties signed a settlement agreement regarding the sale of an apartment in dispute, but each acted to undermine the sale so that finally the apartment was sold at a price lower than the appraisal price. The Court held that the two parties are jointly liable for the damage, as the two had acted in […]
