• Corporate Update | January 2017

    In light of the recent Supreme Court’s ruling regarding Dividend Distribution, below is a detailed review of the rulings, and practical recommendations based on our extensive experience in the field (Hebrew): חלוקת דיבידנד – הלכות ודגשים בעקבות פסקי דין חדשים ביום 28 בדצמבר 2016, ניתן בבית המשפט העליון פסק דינו של כבוד השופט יצחק עמית. במסגרת פסק הדין נקבע, כי המגרש המתאים להפעלת ביקורת שיפוטית על החלטה בדבר חלוקת דיבידנד אינו המגרש של “אישור עסקאות עם בעלי עניין”. כן קבע בית המשפט, כי “כלל שיקול הדעת העסקי” (ה-BJR הדלאוורי) נתבסס כחלק מדיני החברות בישראל, וכי ככלל בית המשפט יימנע מלהתערב … Continue reading "Shir Antonovsky"
  • Distribution Aspects of Financing Share Acquisitions | Publication in the IBA Journal

    Head of Corporate Finance Rona Bergman Naveh and associate Eyal Haskal published an article in the Israeli Bar Association Journal on “Distribution Aspects of Financing Share Acquisitions.” For the full article (Hebrew), click here.
  • The Sinking of the Israeli Floating Charge

    Rona Bergman Naveh and Yael Hershkovitz (GKH), together with David Gilinsky (HowardKennedyFsi LLP), compare and contrast the English floating charge with the Israeli floating charge, by reference to relevant statute and case law in each jurisdiction, and provide a brief overview of the proposed new unitary Charges Bill proposed by the Israeli legislature. The authors highlight some per incuriam and/or contradictory recent dicta, and suggest that the Israeli floating charge may be heading in a similar direction to Canada and New Zealand, albeit, with a distinctly more American form. Originally published on Butterworths Journal of International Banking and Financial Law:
  • Imposition of a Pledge on a Securities Account

    Legal Precedent of the Israeli Supreme Court regarding the Imposition of a Pledge on a Securities Account In Civil Appeal 1339/12 Bank Mizrahi-Tefahot Ltd. v ICM Air-conditioning Manufacturer Ltd. (in liquidation) (the “ICM Case“), the Israeli Supreme Court provided its extensive and clear view of  important matters in connection with creating and perfecting a pledge on securities, which are traded on the Tel Aviv Stock Exchange (“TASE“) and which are deposited in a client account, in favor of the bank. In practice, Israeli banks tend to have their clients sign a general terms and conditions agreement, which normally includes a … Continue reading "Shir Antonovsky"