Securing Your Intellectual Property During the Liquidation Process

2 min read

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Recently one of our clients found themselves in an unfortunate situation. Having employed a tech start-up to create an app for them, the tech company found itself going into liquidation just a few short months before the completion deadline.

One of the key issues that was faced was securing the intellectual property rights in the work that had been completed thus far. Having key provisions of the software agreement being drafted poorly, our client was faced with the prospect of relinquishing their rights to all works completed due to key wording regarding the assignment of title only being available upon full payment and completion.

This presents us two issues both of which require keen attention when dealing with young tech companies that quite often fall as fast as they rise. One, the necessity of carefully framing and drafting the contractual terms of ownership of the intellectual property rights. Two, issues of what is to happen in the worst-case scenario i.e. the employed company going into liquidation.

Forbes magazine recently discussed the alarming figure that over 90% of tech start-ups fail within two years after their creation. Therefore, as with any contract, you must undertake an exercise of peering into the future to assess all possibilities and eventualities. In this instance, insolvency is not an unlikely event to occur in the tech start-up industry. Furthermore, this important fact is compounded given the courts ever-increasing tendency to attach copyright laws to source code.

If you have any questions regarding your intellectual property rights and would like us to review your contractual arrangements please contact us as soon as possible.

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Director Lawyer, PBL Law Group

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Anita Bradley has been an absolute dream to deal with. Anita's conveyancing skills and knowledge knows absolutely no boundaries along with her effective communication skills which has made selling and buying a completely stress free exchange for us. We recommend PBL Law to everyone looking for outstanding service. We will definitely be returning clients.
Kushlan Aluwihare
PBL Law Group were fantastic. Anita from PBL worked with us closely during our property search and made the exchange and settlement process smooth and stress free. Highly recommended.
Gail Whitford
PBL handled my late mothers estate, they were very obliging and patient with any and all questions that we had, thank you to David , Sharon and the other staff that we dealt with, everyone was so easy to talk to and friendly .David came to the home where my Mother was living and helped her to get her will in order, Sharon helped us through the process of executing her wishes when the time came even doing a house call which was so much easier, thank you all so much
S M
I have experienced an excellent service from PBL (especially from Anita) during the sale of my recent property on Central Coast, and during the purchase of our current property in Sydney. Throughout many challengers, especially with the sale, Anita presented her very professional and knowledgeable conveyancer, positively solving all obstacles. "Above and Beyond" Award going to Anita!!! :-)
Amanda Reitzin
The five-star reviews are well-deserved. I needed a motion and a bylaw drawn up for urgent repairs of my strata unit and the AGM was in two weeks' time. My solicitor was friendly, efficient, knew what documents to ask for, and had all the paperwork prepared well within the timeframe. She also took the time to run through all the legalese and the different possible scenarios with me to make sure I understood. I am so glad to have found this firm and I will not hesitate to use their services again in future if the need arises.
Ricky Cooper
Anita is amazing! So attentive, approachable and communicates everything every step of the way. I have now bought and sold property with Anita and I cannot recommend her highly enough.
Ron Thomsen
Our Commercial Property conveyancing was handled very professionally. Anita’s experience and responsiveness was an asset in this transaction.
Trace M
I am so grateful for Anita Bradley from PBL Law Group helped me with this property settlement, she has went above beyond to ensure I understand everything because of our deafness. I will recommended Anita or their team. Thank you so much for all the hard work you have done for us.
Tricia Wheatstone
For almost 18 months I have been a client of Alex Ilkin. Alex is very knowledgeable and professional and has consistently provided me with thorough, honest and well set out advice, including steering my case through appeal proceedings. He always worked for my best interests with integrity and compassion. I recommend Alex and his team at PBL.