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The implications for a licensor or licensee of software (or other technologies) if the other party to the licence becomes insolvent are likely to be significant.
The ability for a licensee to continue to use core software applications when the licensor becomes insolvent may have profound implications for its business. Similarly, the ability of a software licensor to terminate its licence and stop the insolvent licensee using its software may have significant implications from a cashflow perspective as well as the licensor’s ability to control the use and dissemination of its valuable intellectual property. In either case, the liquidator/receiver/administrator of the insolvent company needs to do what they can to preserve the assets of the insolvent party to realise the best return for creditors.
Resolving the competing interests of each of these parties can be complex, especially given the often intangible nature of technology and its importance to most businesses.
Michael Sneddon, General Counsel of Oakton will discuss the myriad of issues that may arise when a party faces the possibility of significant disruption to its business caused by the insolvency of the counterparty and what rights each of those parties have and actions they can take to protect their rights under the licence arrangement.