Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeA shareholder and officer may not compete with the company even if it is inactive
Business, Corporate and Joint Ventures
Mergers and Acquisitions
Dispute Resolution
Two entrepreneurs founded a startup venture of procurement and recruitment in the field of human resources, but after a short period they shot down the activity of the company. The entrepreneurs did not carry out an orderly separation of powers and remained shareholders and directors in the joint company. One of the entrepreneurs turned to […]
Joint property of “common-law marriage” couple will be divided in equal parts
Domestic Relations
Real Estate
Dispute Resolution
Rights in an apartment, which is a joint property of a “common-law marriage” couple, were divided unequally after their separation. The Supreme Court accepted the appeal and held that the apartment is a joint property and therefore cannot be divided unequally. The “community property presumption” doctrine establishes a presumption regarding spouses who live together and […]
I Didn’t SPACulate that I would need to Read the D&O Terms
Mergers and Acquisitions
Business, Corporate and Joint Ventures
Capital Markets and Stock Exchange Regulations
An article on the importance of due care when procuring a D&O insurance and the required use of a lawyer and insurance broker with expertise in the field. The article was written by Doron Afik, Esq. of Afik & Co. and Elad Tubol, Adv. of the Howden Israel Group
A waiver of an employee’s labor protective rights may in certain cases be valid even though they cannot be waived
Labor Law and Immigration
Dispute Resolution
The CEO and shareholder of a company who signed a compromise agreement which included a general waiver of his rights in exchange for various compensations, sought to claim the labor protective rights due to an employee and which he did not expressly waive as part of the compromise agreement, due to the thwarting of part […]
A promissory note signed against an oral commitment for investment is not enforceable if the investment did not go through
Commercial, Banking and Financial
Dispute Resolution
Two entrepreneurs were signed on a loan agreement and promissory notes in the amount of USD 350,000 by an investor promising against this to invest a million Dollars in a company of theirs. Until the point of signing the notes and the loan agreement the entrepreneurs did not personally owe the “lender” anything, because the […]
A bank that provides incorrect data under the Credit Data Law will not pay damages to a customer without showing financial damage
Commercial, Banking and Financial
Dispute Resolution
A bank was negligent by providing incorrect data about a customer to the credit database managed by the Bank of Israel. The Court rejected the claim and held that in the absence of financial harm caused by the bank’s negligence, the client is not entitled to damages. The Credit Data Law requires banks to transfer […]
