Intangible Asset

[ECSWalker]

Hi

I gifted an intangible asset (thoroughly researched idea and process for a product design) to my old ltd. The company has since been dissolved by CVL, but the asset in question didn't realise any money by the liquidators.

Does the asset pass to the crown, or am I able to use the idea/process in another ltd, or are there restrictions?

All the best

Steve

 

[ChrisCallaghan]

If the asset wasn't sold by the appointed liquidator, and the company has now been dissolved, then the asset would be considered bona vacantia, i.e. property of the crown.

The practical reality, however, is that I doubt the Bona Vacantia office is about to come calling for it if you were to use the idea/process.

Any reason you didn't make an offer to buy this of the liquidator before the company was dissolved?

 

[ECSWalker]

If the asset wasn't sold by the appointed liquidator, and the company has now been dissolved, then the asset would be considered bona vacantia, i.e. property of the crown.

The practical reality, however, is that I doubt the Bona Vacantia office is about to come calling for it if you were to use the idea/process.

Any reason you didn't make an offer to buy this of the liquidator before the company was dissolved?

Thanks, Chris. I offered around £5k for it but they wanted more. Surprising, really, considering it was then just dissolved.

 

[ChrisCallaghan]

Thanks, Chris. I offered around £5k for it but they wanted more. Surprising, really, considering it was then just dissolved.

Agreed - seems surprising to me that they didn't come back to you to explore any counter offer before letting it be dissolved, but cest le vie!

 

[DontAsk]

Is it have protection such as a patent?

 

[ECSWalker]

No protection.

 

[Gyumri]

gifted an intangible asset (thoroughly researched idea and process for a product design) to my old ltd.

there is no IP right that you could have gifted to the old co - so if you offered to pay for the "right" to be returned to you then it is a good thing that the liquidator didn't "sell" it to you as he had nothing in law to sell.

An IP right can be regarded as vacant goods transferable to the Crown but you are not describing an IP right but simply a method of doing something which has no legal protection as a right in itself.

Bona vacantia dissolved companies (BVC1)

www.gov.uk

 

[DontAsk]

Sounds to me, from the OP, like a thoroughly researched design, which could be IP.

 

[Gyumri]

I gifted an intangible asset (thoroughly researched idea and process for a product design) to my old ltd. The company has since been dissolved by CVL, but the asset in question didn't realise any money by the liquidators.

Was it a gift or did you simply grant them a licence to use your idea for free? That's also a gift. What's strange is that you offered to buy back your gift and even stranger that the liquidator didn't take your £5000 and kiss your feet at the same time.

 

[ECSWalker]

I gifted the 'intangible asset' as IP to the old co. It would have meant moving to other premises with manufacturing space, which the then landlord had available. He didn't want us vacating to other premises, so the idea was to wait out the existing lease and then move on. The company became insolvent a year or so later. I think the liquidator was expecting more than we could offer, but still strange nonetheless.