Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeThe liability of cancelling a financial instrument of a credit institution in the EU falls on the credit institution, not the central banks
European Law and Regulations
Dispute Resolution
The Central Bank of Slovenia made an application for review of the constitutionality of the Slovenian national banking law, arguing that the rules laid down in national provisions in regards to cancelling financial instruments for credit institutions, are incompatible with EU law and it is unclear whether the liability, in cases of insolvency, falls upon […]
When appointment of a director in a company requires a regulatory approval such approval is required in any renewal of appointment
Business, Corporate and Joint Ventures
Dispute Resolution
The appointment of an independent director at Migdal Insurance Company Ltd. was about to expire. Before the end of her term, the board of directors recommended her appointment for two consecutive terms of office of 3 years each. The Court held that the fact that the company approved the appointment is not sufficient to extend […]
A clause in a tender that prohibits coordination of bids prohibits the very disclosure regardless of whether it resulted in damage to the competition
Competition
Public Law, Environment and Tenders
Dispute Resolution
A number of affiliated companies under the same ownership submitted bids in a tender for the construction of 5 residential and commercial complexes and each won the tender for a complex. As the terms of the tender stated that each bidder in the tender can win a single complex and is forbidden from coordinating offers, […]
Dismissal of a pregnant employee – even if she is on a trial period – may be deemed a prohibited discrimination
Labor Law and Immigration
Dispute Resolution
An employee was terminated shortly before the end of her three months trial period, while she was pregnant. The Labor Court accepted the claim and ordered the employer to compensate the employee. Israeli law states that terminating an employee due to pregnancy constitutes prohibited discrimination that entitles the employee to compensation. In this case, the […]
One who hands over company checks knowing that the company is unable to pay them is exposed to personal liability
Business, Corporate and Joint Ventures
Commercial, Banking and Financial
Dispute Resolution
A supplier of a company demanded that a shareholder personally pay the company debt of ILS 700,000 after checks he provided to the supplier on behalf of the company bounced for insufficient funds. The Court accepted the claim and held that the shareholder is personally liable for the company debt in full as it abused […]
A monopoly may set different prices for different parties operating in the market but do not compete with each other
Competition
Public Law, Environment and Tenders
Dispute Resolution
A collector of empty beverage bottles for recycling contended that a collection corporation, which is a monopoly in its field, owed it payment for the difference in bonuses due to it, after discriminating it in comparison to other beverage bottle collectors from among the marketing chains. The Court held that the collection corporation did not […]
Fintech Company? Who granted you a license?
European Law and Regulations
High-Tech and Technology
Cryptocurrency, NFT and Web-3
An article on the legal change enabling, at least temporarily, for companies holding fintech licenses from the United States of America, the European Union, or the United Kingdom to operate in Israel without a local license. The article was written by advocate Adi Marcus of Afik & Co., lawyers and notaries.
