Is this an asset?

[louiselain]

Dear all I would be grateful for some views on this specific question please. I invested in developing some software however for technical reasons the projected cost is now much more than what I predicted and I can no longer afford to continue and complete it. My question is if the business becomes insolvent will this half built software (that is no good in its current state and requires significant further investment to make it work) by classed as an "asset"? I too as many others have a government covid bounce loan which I won't be able to pay back.

 

[Chris Parkman]

It will have some value and will be considered an asset. It is also possible for the asset to be valued and purchased from the liquidation, if somebody wished to acquire it. Are you interested in software?

 

[Gavin Bates]

Agree with Chris it is an asset, the real question is what is anybody willing to pay for it?

 

[louiselain]

It is a contractor who has been developing the software, was based in Ukraine, now poland. He is also owed some money. What if he refuses to hand over the code?