Australia: From Holyoake to broke: duties of loyalty and fidelity to an employer
Pay attention to this case if you’re employed and plan to set up a business to compete with your employer. Even without a restraint of trade clause in the employment agreement you could still come unstuck.
What happened
Holyoake is a company which supplies air-conditioning equipment. Variflow was a competitor.
The managing director and two officers of Holyoake decided to buy Variflow’s business with the aim of running it separately from Holyoake. They paid the deposit and […]