Valuing trademarks in liquidation
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If you require IP related legal advice please contact your legal representative. HMV has become the latest high street victim to collapse into administration after 92 years on UK high streets.
More than jobs and stores are at risk unless a suitable buyer can be found by administrators. This news comes just days after camera retailer Jessops announced that it was unable to continue trading. As a result, all of its valuing trademarks in liquidation were closed down.
The company stated in when Frank Jessop opened his first shop in Leicester. Both HMV and the Jessops trade marks have valuing trademarks in liquidation well known to the public following many years of use …. Under UK Trade Mark Law, both a registered trade mark and a pending application are property of the owner. As such, it can form a very valuable asset of a company. It can also form part of the company assets if a company ever falls into liquidation.
Where a trade mark forms part of a liquidated company, the right to that trade mark sits with the administrator or liquidator until it is sold to raise funds to pay off creditors.
Any assets which are not divested following liquidation will become the property of the Crown who will then become the point of contact for parties with an interest in obtaining the mark. Any goodwill valuing trademarks in liquidation with a trade mark can also be sold, with the assignment being signed by the liquidator as the Assignor. It is good practice to inform the UKIPO of the assignment for it to be valid and for the change in ownership to be recorded.
A trade mark that has been associated with a business for many years can acquire a substantial goodwill and reputation for the goods or services upon which it is used. It is often a shame to lose such a valuable trait in a trade valuing trademarks in liquidation, particularly if it is well known to consumers. If a mark is divided from its goodwill for the purpose of a sale by the liquidators, the mark can become worthless and lead to difficulties with the exploitation of a mark.
A mark used without the associated goodwill can also cause confusion amongst consumers as a result of an inability to identify the origin of products associated with that trade mark. If a trade mark has been used under licence, the insolvency will not immediately affect the licence agreement unless a contract terminates automatically upon one of the parties becoming insolvent.
Licensees often face the greatest loss with insolvent companies as they may valuing trademarks in liquidation the trade mark that is essential to its business. For buyers of an insolvent business it is important to ensure that full due diligence is valuing trademarks in liquidation prior to entering into any contracts. These investigations will reveal whether a business has valuing trademarks in liquidation the steps necessary to maintain valuing trademarks in liquidation trade marks and valuing trademarks in liquidation identify if the marks are used by any other third parties or whether any rights have been infringed.
Whilst the effects of insolvency can lead to a devaluation of a brand that once evoked loyalty or quality, many trade marks have survived the difficult circumstances associated with liquidation and can retain their value.
However, the trade mark rights and the domain name oddbins. It had previously gone into administration inbut was bought valuing trademarks in liquidation by Epic Private Equity, a firm specialising in distressed companies. The sale was settled by a distribution to Epic Private Equity under its debenture security so no cash was paid saving a number of jobs within the company.
It is estimated that the administration buy out saved jobs and meant that only of the stores across both the Clintons and Birthdays fascias were closed. COMET — Comet collapsed into administration in November after 80 years of trading with all of its stores being closed and 6, jobs lost. If the IP assets are not divested in the administration process they will then become property of the crown.
Administrators only managed to sell 20 stores to Sports Direct, which saved jobs. Sports Direct also acquired the rights valuing trademarks in liquidation the domain name jjbsports. The remaining stores have now closed. The trade mark rights will now sit with the administrators. As with the COMET trade marks, if a buyer is not found the trade marks will become property of the crown. It is important that trade mark portfolios are maintained, with any changes in address or name being recorded at the relevant trade mark offices as soon as possible.
An organised, up to date trade mark portfolio with records of evidence highlighting where a trade mark owner has enforced its rights to valuing trademarks in liquidation a dilution of its trade marks will be more appealing to those who may eventually save a brand from failing completely.
You mentioned a number of well known and historically established high street brand names in your post that have been unable to trade through these difficult times. Alternatively, the incumbent management will often believe that a viable business can be achieved going forward if significant changes are made to the current trading model and therefore they may wish to acquire the trade mark from the insolvency practitioner.
In this particular situation, I would have thought that there would be a number of entities with alternative content distribution models, who may consider this as an opportunity to acquire the HMV brand name and derive value from it. By acquiring this trade mark from the administrators, it could give an online music distributor an edge in what is a very competitive market. You are commenting using your WordPress. You are commenting using your Twitter account. You are commenting using your Facebook account.
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Casualties COMET — Comet collapsed into administration in November after 80 years of trading valuing trademarks in liquidation all of its stores being closed and 6, jobs lost. January 16, at 1: September 8, at 3: Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in: Email Address never made public.
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