Afik News 367 10.08.2022

Two bids in a tender received the same weighted score when the terms and conditions of the tender did not stipulate a “tie-breaker” mechanism. Despite this, the tender committee preferred the cheapest bid without reasoning. The Court cancelled the decision made by the tender committee and held that the tender committee will hold a renewed […]

A shareholder of a company commenced voluntary liquidation of the company even though he knew that there was a debt to another company that provided services to the company in the amount of approximately ILS 200,000 which he failed to settle. The Court accepted the claim and held that the corporate veil is to be […]

A company and its owner entered into an agreement for the sale of the company’s activities. As part of the transaction, the owner signed a separate agreement, the main part of which was a commitment of non-competition, and received a separate financial consideration against this commitment, which was reported to the tax authorities as income […]

The articles deals with a complex reverse merger transaction, under which Security Matters (a company that Afik & Co. managed its IPO in Australia in 2018 and escorts it in its global activity), traded on the Australian Stock Exchange (ASX:SMX) is relocating to Ireland and merges with the Lionheart III Corp. (Nasdaq: LION) so as to become an Irish NASDAQ traded company

A Russian government authority, which was previously the owner of the rights to the trademarks of the Stolichnaya and Muscovskya Vodka brands, sought a declaration that the claimer of ownership of the trademarks in Israel does not own the marks and is prohibited from using them, relying on a judgment given in the Supreme Court […]

A client filed a claim against Facebook in Herzliya, Israel for damages caused by Facebook due to poor service, but the rules of use states that any claim against Facebook must be governed under California law. The Supreme Court held that the governing law clause depriving Facebook’s consumers, including small businesses that purchased advertising services […]

Two business partners agreed among themselves that the one transfer his apartment to the other without consideration, even though the sale agreement stipulated that consideration was paid and additional consideration will be paid, so that the other will use the apartment as collateral for a loan for a joint venture of the partners and after […]

An article dealing with the limitations on use of cash in transactions in Israel as of August 2022. The article was written by Adi Marcus, Adv. of Afik & Co., lawyers and notaries