Are your brand’s intellectual property assets properly protected?
6th April 2020 by Charlotte Mitchell
The current necessary restrictions imposed by the Coronavirus (Covid-19) have meant many businesses are struggling to trade and may need to start from scratch when the economic climate recovers. But what if a competitor acquires key Intellectual Property (IP) if a business ceases trading, meaning that any successor business will not be able to trade under a name that was recognisable to its former customers?
Increasingly, a business’s visual identity can be one of its most valuable assets, so during the uncertain times of Covid-19 it may be prudent to review your businesses IP assets to ensure you have the necessary protection, should it be needed.
Many businesses register their IP rights, particularly Trade Marks, in a separate non-trading company which they control, which is then licensed back to the trading business. This means that should the main trading business become insolvent, the business will still keep control of its IP assets, and will be able to use them in any successor business.
Laceys are really proud to be the only Dorset based firm to be recommended within Intellectual Property in the 2020 Legal 500 Guide, an independent endorsement for the excellent service we provide to clients.
If you would like to discuss the management of your IP assets, please contact Charlotte Mitchell from our Company Commercial team who will be happy to help.