Foreign Exchange/Rochglen [1994] IECA 272 (20th January, 1994)

Foreign Exchange/Rochglen [1994] IECA 272 (20th January, 1994)

The notified acquisition and associated non-compete covenants do not exceed what is necessary to secure the transfer of goodwill and do not prevent, restrict, or distort competition in the relevant market; therefore, they do not offend against Section 4(1) of the Competition Act, 1991.

Citation
[1994] IECA 272
Parties
Acquirer: Foreign Exchange Company of Ireland (FEI); Vendor: Rochglen Holdings Limited (Rochglen); Target Company: VAT Refunders Limited (VRL); Joint Venture: Cashback Limited (Cashback); Individual Covenantor: Aidan Daly; Individual Covenantor: Gerard Barry; Individual Covenantor: James Ward; Corporate Covenantor: VR Spideal Teoranta (VRST)
Jurisdiction
Ireland
Procedural Posture
Competition Authority Notification / Decision on Notified Acquisition and Non Compete Covenants
Outcome
Certificate issued; notified arrangements do not offend against Section 4(1) of the Competition Act, 1991.
Legal Topics
Non Compete Covenants, Merger Control, Ancillary Restraints, Goodwill Protection
Competition Law Non Compete Covenants Merger Control Ancillary Restraints Goodwill Protection

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Parties

Foreign Exchange Company of Ireland (FEI)

Acquirer

Rochglen Holdings Limited (Rochglen)

Vendor

VAT Refunders Limited (VRL)

Target Company

Cashback Limited (Cashback)

Joint Venture

Aidan Daly

Individual Covenantor

Gerard Barry

Individual Covenantor

James Ward

Individual Covenantor

VR Spideal Teoranta (VRST)

Corporate Covenantor

Procedural Posture

Competition Authority Notification / Decision on Notified Acquisition and Non Compete Covenants

Legal Issues

  1. 1 Whether the acquisition and associated non-compete covenants offend against Section 4(1) of the Competition Act, 1991

Ratio Decidendi

The notified acquisition and associated non-compete covenants do not exceed what is necessary to secure the transfer of goodwill and do not prevent, restrict, or distort competition in the relevant market; therefore, they do not offend against Section 4(1) of the Competition Act, 1991.

Court Disposition

Certificate issued; notified arrangements do not offend against Section 4(1) of the Competition Act, 1991.

Orders

  • Certificate granted that the agreement of 30 July 1993 and related non-competition covenants do not offend against Section 4(1) of the Competition Act, 1991.