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July 27, 2020
COVID-19's Effect on Completing Transactions
Many steps go into completing MA transactions. Now, with the COVID-19 outbreak, companies are taking this time to modify and sometimes even cancel transactions. What is behind the delay in completing transactions, and on whom to take the risk? Globes interviewed MA expert Micky Barnea on the subject.
July 27, 2020
Barnea Represents Britannica Knowledge Systems in USD 70 Million Deal with US Army
Adv. Yuval Lazi and Adv. Uri Hillel of our firm represented Britannica Knowledge Systems, a world-leading provider of advanced solutions for training management and professional competence, in a USD 70 million contract for the supply of the FOX system to the United States Army.
July 23, 2020
Apartment Sale Delayed because of COVID-19? Home Upgraders Eligible for an Extension
Apartment owners experiencing difficulty selling their old apartments are entitled to a seven-month extension in which to sell, and the Israel Tax Authority will not count this period for tax purposes.
July 22, 2020
Webinar: How to Make a Difference
The Tel Aviv University Entrepreneurship Center begins today its series of summer lectures. Summer Entrepreneurship is a weekly program that invites four experts to talk about various topics related to entrepreneurship. The opening webinar today will host four experts in the high-tech field in Israel, including Adv. Micky Barnea. Micky will discuss the entrepreneurial relationship and why it is critical to a venture's success.
July 20, 2020
Returning Residents: Welcome Back to Israel?
Each year, many returning residents arrive in Israel. Following the COVID-19 outbreak, the number of people seeking to return to Israel has increased even further. The process of returning to Israel is not simple, and returning residents face enormous difficulties as part of it. A Ynet article on the subject featured an interview with Adv. Harel Perlmutter, a partner and the head of the firm’s Tax Department. Harel explained: “Those who return to Israel after less than six years abroad have almost no tax benefits.” He added that “there is a great confusion about the rights and benefits returning residents are eligible to from the National Insurance Institute. Over the years, the benefits for returning returns have been cut back, and this has kept people away from the country.”
July 19, 2020
ILS 600 Million Financial Closure at Etgal Power Plant
We represented a group of institutional lenders, including Psagot and Amitim, in a deal to finance Shikun Binui Group's construction and operation of a power plant in Ashdod, for approx. ILS 600 million. Amitim and Psagot were represented by Adv. Simon Jaffa, Adv. Samuel Henri Samuel, and Adv. Rotem Orbach.
July 19, 2020
Are Publicity Brochures for Apartment Developers Considered an Agreement?
Developers and entrepreneurs often market apartments for sale using glossy prospectuses and state-of-the-art simulations that purport to represent to the buyer the apartment they are about to purchase. Sometimes, though, there is no connection between the information in the brochures and the apartment one purchased. The question arises of whether such publicity materials constitute a binding document.
July 16, 2020
COVID-19 Cross-Border Briefing: Updates
Our firm was chosen to provide the Israel section of a briefing on governmental measures taken during COVID-19 in key jurisdictions. The publication offers a general summary of the law and is aimed to assist businesses through these ever changing times.
July 14, 2020
Does Covid-19 Void Contracts?
The inter-ministerial team assembled to examine the consequences of the Covid-19 crisis on contractual agreements has recently published its recommendations.
July 12, 2020
Dividend Distribution During COVID-19
The recent dividend distribution by TASE-listed Fox-Wizel Ltd., after receiving emergency funding from the Israeli government, raised ethical questions and highlighted the difficult choices facing many companies. In an op-ed published by Globes in response to the backlash, Adv. Micky Barnea discussed a central challenge: balancing the difficulties and uncertainties of the COVID-19 pandemic with companies’ desire and responsibility to continue operating as commercial enterprises.
July 10, 2020
Roundtable Article of Urban Renewal Experts
In the weekend edition of Yedioth Ahronoth, urban renewal experts gathered to discuss burning questions in the field. Representatives from our firm commented on what alternative housing is and when a tenant is entitled to it.
July 9, 2020
Fintech Companies: New Program to Facilitate Regulatory Reliefs
Although Israel is a world leader in the fintech field, companies operating in this area face many regulatory challenges. A newly published legal memorandum aims to enable the creation of a “sandbox”, with inspiration from various programs already implemented in Japan, Australia, and Singapore. The goal is to establish a unique experimental environment, a “regulatory sandbox,” where regulatory relief is granted to companies who choose to participate in the program.
July 9, 2020
Remuneration Policy: New Reliefs for Officers’ Insurance
The Israel Securities Authority announced a new relief for public companies regarding directors’ and officers’ liability insurance. This relief will enable companies to include in remuneration policies only the scope of the insurance coverage, without the other parameters required to date.
July 7, 2020
Banks Required to Share Information about Clients with Other Financial Bodies
As part of a broad change led by the Ministry of Finance to increase competition in the banking and financial services market, a memorandum for the Provision of Financial Information Services Law was recently published for public comments.
July 6, 2020
Israel: How to Identify Suspicious Use of Virtual Currencies
Prompted by the use of digital currencies to fund terror and other illegal activity, the Israel Money Laundering and Terror Financing Prohibition Authority has published a document aimed at assisting financial bodies and law enforcement agencies to identify improper activity in this field.
July 5, 2020
A Solution for Infrastructure Project Delays Is Also Needed
At the end of June, the Ministry of Construction and Housing announced that due to the coronavirus crisis the time in which a contractor can delay delivering an apartment without being sanctioned will increase to 100 days. Adv. Shai Avnieli, a partner in our Infrastructure Department, published an opinion article in Globes on the subject. He commented: "This decision, which stems from a desire to solve this complex issue, is indeed welcome. However, although this decision has a significant impact on the construction market in Israel, it does not fix the issues of the construction market as a whole, particularly not the infrastructure sector."
July 2, 2020
Taxation of Hedge Funds in Israel – A Short Guide to the Perplexed
A hedge fund is an entity comprised of several investors seeking to invest in financial assets to achieve a common profit, where the execution of the investment may change from one fund to another, in accordance with the investment strategies put in place by the fund manager.
July 1, 2020
Lawsuit Filed Against Moshe Hogeg Alleges Fraud in Stox Fund Raising
Our firm is representing a Canadian citizen in an ILS 5 million lawsuit against Moshe Hogeg, a prominent Israeli entrepreneur in the cryptocurrency sector. Our client alleges that the defendants used funds raised by Hogeg’s company, Stox, for personal purposes and breached their obligations to investors.
July 1, 2020
What to Do When a Tenant Stops Paying Rent
Monday’s episode of “Exposure,” a leading Israeli investigative television program, focused on tenants who rent luxury properties but then stop paying rent and refuse to vacate. The episode featured interviews with members of the prominent Refaeli family, who alleged that their tenant had failed to pay rent. Following the broadcast, host Haim Etgar interviewed Adv. Liat Keisary, a partner at our firm who advises high-net-worth clients on renting out their properties. Liat explained what to consider before renting out a property, how to respond when a tenant refuses to pay, and how to reduce the risk of such situations.
July 1, 2020
Israel – How Your Business Can Avoid the Dramatic Increase in Accessibility Class Actions
Recently, there has been a dramatic increase in the enforcement of accessibility issues in Israel. More and more companies are facing requests for certification of class action suits for failing to make services accessible to people with disabilities. Such proceedings, exempt from court fees, are initiated by lead plaintiffs against big and small organizations, from both the private and public sectors.