Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeA condition precedent in a sale purchase agreement may postpone the date of closing of the agreement but not the date of its entering into effect
Business, Corporate and Joint Ventures
Commercial, Banking and Financial
Dispute Resolution
In a share purchase agreement, the transfer of the acquired shares and their recording was conditioned on the payment of a debt to the sellers. The debt was finally paid at its nominal value only three years later. The Court rejected the seller’s contention that the share sale should be cancelled and determined that the […]
One that undertakes orally or in writing to repay a debt of another may be deemed a guarantor
Commercial, Banking and Financial
Dispute Resolution
A borrower’s brother undertook to repay the money to the lenders, after he sells his house. The Court accepted the claim against the brother due to his consent to serve as a guarantor for the repayment of the loan. A contract intended to create a guarantee for an existing debt is valid, even if made […]
Fraud in reports to the stock exchange will be examined based on its effect on the reasonable investor and not on an objective assessment of the company
Capital Markets and Stock Exchange Regulations
Dispute Resolution
A company included in its reports to the stock exchange false details in connection with one of the many projects under its management. This project was classified, in the company’s reports, as a ‘not very substantial’ project and the amount of investment in it was negligible in relation to the company’s capital. The Court accepted […]
“A Flower I gave Nurit” – Withdrawing a Gift Due to Recipient’s Behavior
Commercial, Banking and Financial
An article on the ability of the grantor of a gift to cancel it, if the recipient of the gift behaves inappropriately. The article was written by attorney Gilad Bar-Ami of Afik & Co.
Sending defamatory letters to one’s employer may be deemed defamation
Privacy, GDPR, Confidentiality and protection of reputation
Dispute Resolution
Following a neighbors dispute, letters of complaint were sent to the neighbor’s employer implying that her reports about her working hours were false and that her work manner was not in line with what was expected of her. The Court held that letters which were sent constitute defamation. Israeli law states that defamation is publication […]
A controlling shareholder of a company dissolved while owing to the local authority may be required to pay the company debt
Business, Corporate and Joint Ventures
Taxation and Government Incentives and Funding
Dispute Resolution
A company was dissolved while still owing property tax to the local authority. The Authority demanded the debt from the controlling shareholder of the company. The Court held that the controlling shareholder must prove that he did not take assets from the company and as long as he did not do so, he can be […]
Utilization of internal information obtained as part of the employment constitutes a breach of fiduciary duty even if it is not a trade secret
Labor Law and Immigration
Dispute Resolution
An employer discovered that a former employee used confidential commercial information that came into his hands as part of his work for the company, for the benefit of his new employer. The Court ordered the employee to compensate the employer due to the breach of fiduciary duty and good faith. When it comes to up-to-date […]
Tender bids submitted by the same party raise suspicions of improper coordination between bidders and may be disqualified
Public Law, Environment and Tenders
Dispute Resolution
The tender committee of the Israel Land Authority disqualified three bids after they were placed in the tender box together by the same person. The Court rejected the petition of the disqualified bidders and held that the tender committee’s decision to disqualify the bidders due to apprehension of improper coordination should not be intervened with. […]
