Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeA company’s articles of association shall be interpreted first and foremost according to its wording even if it contradicts logic and common sense
Business, Corporate and Joint Ventures
Dispute Resolution
A company shareholder contended that her purchase of over 25% of Class B shares from Goldman Sachs grants her veto rights in accordance with the company’s articles of association. The Court denied the motion and held that the company’s articles of association as such do not grant the company a right of veto. A company’s […]
General terms of service to which there is a link in a digital agreement are binding as a part of the agreement
International Transactions and Dispute Resolution
High-Tech and Technology
Commercial, Banking and Financial
A shipping company terminated without prior notice an agreement it had signed with a company registered in the USA which is a subsidiary of an Israeli company, despite the fact that the agreement contained a link to general term of use which demanded twelve months prior notice. The Court held that the agreement, despite being […]
An irrevocable power of attorney may prevail over a later gift that was finalized by recording in the Land Registry
Real Estate
Wills and Estates
Notarial Powers of Attorney
A mother signed an irrevocable notary power of attorney before her death for the purpose of transferring her rights in her apartment, against no consideration, to her three children. After the mother’s demise, it was discovered that after the power of attorney was executed, the mother gifted half of her rights to one of her […]
Banking for Dummies
European Law and Regulations
Commercial, Banking and Financial
An article on freezing bank accounts in Europe due to missing information or other issues related to anti money laundering rules and how to address the issue. The article was written by Ella Rosenberg of Afik & Co.
A shareholder and manager who knows of non payment of social benefits to employees may be personally liable for debts
Business, Corporate and Joint Ventures
Labor Law and Immigration
Dispute Resolution
An employee demanded, among other things, from a person who was the owner of all shares of the company, its manager and sole director, payment for deficiencies and irregularities in pension deductions that occurred during his employment. The Labor Court accepted the motion and pierced the corporate veil in order to personally obligate the shareholder. […]
An internal audit report conducted by a company may determine whether a claim may be filed on behalf of the company or not
Business, Corporate and Joint Ventures
Public Law, Environment and Tenders
Dispute Resolution
A Shufersal (A supermarkets company) shareholder requested information about Shufersal’s business activities in order to review the possibility of filing a claim on behalf of the company against its officers, but objected to receiving data from Shufersal’s internal auditor’s report. The Court enabled the receipt of most of the audit report and determined that it […]
Damage to reputation does not have to be expressed in a decrease in income and the scope can be determined by way of an estimate
Privacy, GDPR, Confidentiality and protection of reputation
Commercial, Banking and Financial
Dispute Resolution
A gas company that terminated the agreement with a gas distributor without prior notice due to repeated breaches and inappropriate behavior towards customers, demanded compensation for the damage to company reputation due to the actions of the distributor. The Court held that the termination of the agreement was duly made and that the distributor’s actions […]
