Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeClaims by Israeli consumers against Facebook will be governed by the laws of the state of Israel and not the laws of California
High-Tech and Technology
International Transactions and Dispute Resolution
Dispute Resolution
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 […]
Do you have cash on you?
Commercial, Banking and Financial
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
A declaratory verdict outside Israel as to trademarks ownership does not automatically create rights in Israel
Copyright, Trademarks Media and Artists
International Transactions and Dispute Resolution
Dispute Resolution
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 […]
Opening a voluntary liquidation procedure in order to avoid paying the company’s debts is grounds for piercing the corporate veil
Business, Corporate and Joint Ventures
Dispute Resolution
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 sale agreement entered into for the purpose of obtaining a mortgage will not be deemed fictitious if the parties have de facto consummated it
Real Estate
Dispute Resolution
Commercial, Banking and Financial
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 […]
In the event of a “draw” between bidders the tender committee is obliged to examine all options and duly reason its decisions
Public Law, Environment and Tenders
Dispute Resolution
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 […]
Globes: Security Matters jumps 150% on Nasdaq SPAC deal
Capital Markets and Stock Exchange Regulations
International Transactions and Dispute Resolution
Mergers and Acquisitions
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
Splitting the consideration received for a transaction for the purpose of artificially reducing the tax burden requires a reclassification of the consideration
Taxation and Government Incentives and Funding
Mergers and Acquisitions
Business, Corporate and Joint Ventures
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 […]
