{"id":687,"date":"2023-02-08T21:25:20","date_gmt":"2023-02-08T21:25:20","guid":{"rendered":"https:\/\/dev.lilleylawfirm.com\/?p=687"},"modified":"2023-02-08T23:25:07","modified_gmt":"2023-02-08T23:25:07","slug":"intellectual-property-assets-acquired-in-bankruptcy","status":"publish","type":"post","link":"https:\/\/lilleylawfirm.com\/index.php\/2023\/02\/08\/intellectual-property-assets-acquired-in-bankruptcy\/","title":{"rendered":"Intellectual Property Assets Acquired in Bankruptcy"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"687\" class=\"elementor elementor-687\">\n\t\t\t\t\t\t\t\t\t<section data-marvy_enable_drop_animation=\"false\" data-marvy_enable_fancy_rotate=\"false\" data-marvy_enable_flying_object=\"false\" data-marvy_enable_ripples_animation=\"false\" data-marvy_enable_waves_animation=\"false\" data-marvy_enable_rings_animation=\"false\" data-marvy_enable_topology_animation=\"false\" data-marvy_enable_gradient_animation=\"false\" data-marvy_enable_snow_animation=\"false\" data-marvy_enable_firework_animation=\"false\" data-marvy_enable_cloud_animation=\"false\" class=\"ob-is-breaking-bad elementor-section elementor-top-section elementor-element elementor-element-2abfdaba elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2abfdaba\" data-element_type=\"section\" data-settings=\"{&quot;_ob_bbad_use_it&quot;:&quot;yes&quot;,&quot;_ob_bbad_sssic_use&quot;:&quot;no&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-50ccb7ba\" data-id=\"50ccb7ba\" data-element_type=\"column\" data-settings=\"{&quot;_ob_bbad_is_stalker&quot;:&quot;no&quot;,&quot;_ob_teleporter_use&quot;:false,&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1df8bc3 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"1df8bc3\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.4 - 12-03-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<!-- wp:paragraph -->\n<p>The corporate considerations involved with business transactions often do not fully consider Intellectual Property (\u2018IP\u2019), particularly when they principally involve \u2018other\u2019 areas of law. However, IP is, in fact, considered and factored into the U.S. Bankruptcy Code and its associated court proceedings. Of note, acquirers of bankruptcy-covered assets (of debtor) in a<br \/>Section 363 sale, for example. Specifically, section 363 permits debtors to sell property, including IP, of the bankruptcy entity. Assets may be sold \u2018free &amp; clear\u2019 of liens and other claims, with a clean title covered by a court order.<\/p>\n<p>Accordingly, IP and its deployment and use may be a valuable asset to be acquired. There may be actually technology (patents, copyrights and know-how) itself, as well as \u2018licenses\u2019 to use similar assets. The acquirer can exercise those rights of the debtor. Therefore, due diligence of those IP assets should be undertaken so that a potential acquirer can understand precisely what<br \/>technology is available and was license rights are exercisable.<\/p>\n<p>There are a myriad of IP-related issues that must be considered in bankruptcy proceedings. Therefore, it would be most prudent to have a comprehensive IP audit performed that clearly identifies and sets out the obligations and rights associated with those IP assets.<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>After observing a long-felt need for integrated intellectual property (\u201cIP\u201d) and taxation and technology management<br \/>services, The Lilley Law Firm was formed as an innovative approach to managing and performing the myriad of<br \/>activities surrounding enterprise management.<\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The corporate considerations involved with business transactions often do not fully consider Intellectual Property (\u2018IP\u2019), particularly when they principally involve \u2018other\u2019 areas of law. However, IP is, in fact, considered and factored into the U.S. Bankruptcy Code and its associated court proceedings. Of note, acquirers of bankruptcy-covered assets (of debtor) in aSection 363 sale, for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/lilleylawfirm.com\/index.php\/wp-json\/wp\/v2\/posts\/687"}],"collection":[{"href":"https:\/\/lilleylawfirm.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lilleylawfirm.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lilleylawfirm.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lilleylawfirm.com\/index.php\/wp-json\/wp\/v2\/comments?post=687"}],"version-history":[{"count":4,"href":"https:\/\/lilleylawfirm.com\/index.php\/wp-json\/wp\/v2\/posts\/687\/revisions"}],"predecessor-version":[{"id":691,"href":"https:\/\/lilleylawfirm.com\/index.php\/wp-json\/wp\/v2\/posts\/687\/revisions\/691"}],"wp:attachment":[{"href":"https:\/\/lilleylawfirm.com\/index.php\/wp-json\/wp\/v2\/media?parent=687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lilleylawfirm.com\/index.php\/wp-json\/wp\/v2\/categories?post=687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lilleylawfirm.com\/index.php\/wp-json\/wp\/v2\/tags?post=687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}