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A patent is treated as an item of property just like any other. So when a company goes bankrupt, it is up to the receivers/liquidators to sell off all assets, like buildings, cars, patents; belonging to the bankrupt company. If the patent is not sold in this way then it defaults to the state (in the UK at least). In most countries annual renewal fees are payable for patents (although they are less frequent in the US) so it's important to maintain these otherwise the patent will expire and be of no value.
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If a patent is assigned to a company and then that company goes out of business and their LLC license expires what happens to the patent?
Defunct company with property is still a "company" A company lives through its owners, directors and officers until it is properly terminated. As long …as there is still company property, the company is still "in business," for the purpose of paying taxes and other debts, and disposing of surplus property, even if its charter has expired. In other words, it cannot enter into any new business, but must finish all of its old business before disbanding for good. It would be up to the officers or directors (if any) or the members (if any) or else a court to determine where the patent ownership ends up.
A number of things can happen: If the company closes, the stock would normally just become worthless and that's it. Useless paper. The stockholders can take the loss as a dedu…ction (within certain limits). If the BK is more of a reorganization...and some debtors agree...they may actually take the exisiting, (or newly issued stock) in the corporation as payment for their claims. It is possible, although not common, when this happens that the exisiting stock remains to have some value, cetainly much, much less than before, for those original stockholders. Generally, the company closes and the assets are sold to satisfy the debts as best they can, or the entire company is essentially purchased by the creditors in exchange for the debts they are owed - again the old stockholders have no liability but have no stock of value. (It wouldn't be right to have a creditor accept less than all they are owed, while a stockholder maintains anything of value (which stock is) in that same company. Whatever that value represented by that stock...it should be used to pay the debt of the company first).
In the case of a company bankruptcy, the judge will either order the intellectual property sold like any other tangible asset or will assign it to one of the debtor parties. … The recent closing of Circuit City offers a case-in-point. Although the online shop and all the brick and mortar stores were closed the trademarked name, domain name, and other intellectual property was purchased by SystemMax (Tiger Direct) for 5.5 m (USD).
It all depends on the proceedings in the bankruptcy court, the amount of assets to be re-organized or liquidated, what kind of bankruptcy, and the kind of stock you are …talking about. No one can effectively answer this question without more specifics from you.
If a life insurance company goes bankrupt or becomes insolvent, the life insurance policyholder may be protected by the life insurance guaranty fund in their state, if the… life insurance company was a licensed insurer in the state. Guaranty funds usually provide from $100,000 to $500,000 of protection per policy, but many states provide up to $300,000 of protection. The National Organization of Life and Health Guaranty Associations provides information on the specific state rules as to the protection afforded to life insurance policyholders in a particular state. You can visit their site at www.nolhga.com and look up State Guaranty Laws to determine the coverage that may apply to you, and further research this topic. Before declaring bankruptcy or insolvency before the competent Court, they are to meet up the liabilities of their sundry creditors and policy holders whose maturity payments have become due, to the full satisfaction of the Hon'ble Court of the country.
To you, just about nothing. Your loan, as an asset of the company, will be taken over (or sold by the trustee) to a creditor or another to provide the funds to pay the Cos deb…ts. (The loan probably already has been sold many times, you don't know it). Loans are financial instruments and bought and sold all the time. If you are behind in payments, you can expect the creditors and the court to become much more interested in having you get paid up to date, and increase collection actions...once again so those funds due to the BK company can be received and used to pay the debt of the company. If anything, under the purview and power of the court, with lots of interested parties who will get paid by it, your compliance with the loan agreement is if anything, much more closely looked at.
There is no hard and fast rule and what happens to a company, and/or its' employees runs the entire spectrum of possibilities. from nothing to losing employment, to losi…ng benefits, to getting better ones of all, to working for a division that closes, or is sold, but maybe sold to someone who wants to keep the Operations and is a better employer, or a worse one and is going to blens that division with one of its own...goes on and on.
The things it is invested in are separate from the company administering it...the $ are in those assets (stocks/funds) and will simply be transferred to whoever looks after th…em in the future.
Usually a private company does not issue stock, or else it would be classified as a public company. In either case you would lose whatever value you had in the company.
its a chemical i think
Generally, when an insurance company goes bankrupt, the guarantees that are being offered on the contract are gone. For instance, if you have a death benefit, or a income guar…antee, those will usually be lost. As for the money you've invested in the variable annuity, if your money is invested in the sub-accounts (the various investments that are usually managed by mutual fund management whose names you will usually recognize), that money is still being managed by those companies, and is separate from the now bankrupt insurance company. That is the long way of saying, your money in the sub accounts is safe. However, if you have money in the fixed interest account, that is usually held by the insurance company, and that money may be in jeopardy.
Originally, General Electric. Dillon Aero owns the patents to the upgraded M134D model.
The current patent holder is Military Police Systems, Inc., who purchased the patents from Maxwell Atchisson in the late 1980s.
If the Bankrupt company is just the retailer then the warranty is still covered by the manufacturer. If the manufacturer goes bankrupt then the retailer covers the warranty. T…he seller is responsible for a warranty. Clearly if the seller is the manufacturer and they go bankrupt then it's most unlikely that the warranty will remain in force.
In Business Law
Intellectual property can be transferred in the same way as real property, and should be addressed in bankruptcy proceedings. Unfortunately, more often the copyrights are si…mply forgotten, creating "orphan works," for which there is no provision in the law.
If the business is not a separate legal entity like a corporation, it is treated as an asset of the person filing bankruptcy and will probably end. If the business is a separ…ate legal entity, it may file for chapter 7, in which case it likely will be liquidated and should be formally terminated in the state it was incorporated in. If it files for a chapter 11, it may be headed for liquidation, especially if it is a small corporation. Larger corporations may try to restructure its debt in different ways, from converting debt to shares to selling off assets for funds to become current on nondischargeable debts to ending union or other contracts and lower liability for employee retirement obligations. The business may then be discharged from the bankruptcy and continue operating as a meaner, leaner business, but the stockholders will have lost their entire investment and will no longer be stockholders of that company.