Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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The fact that the individual asserted claims against your company will have no impact at all on their ability to file bankruptcy. However, while there may be a temporary stay of the trial, you will want to file the fraud claims as an adversarial proceeding in his bankruptcy before the deadline to do so. And then your company and the bankruptcy court will talk and decide if the fraud claims should be heard in the federal court where they are now or moved to the BK court.
Well, there is nothing you can do to stop the person from listing and asserting it as an asset. If there is any doubt, you would indeed have a little fight over that with the trustee. What is the basis of your claim of ownership of the patent portfolio? Did you purchase it or always own it?
Ok, and is there a term to the assignment? Or breach conditions where if there is a default/breach the assignment reverts back to your company?
Alright, well my bigger concern for you was the trustee claiming some interest in it and avoiding a transfer back to your company, but I think with the automatic reversion you will be fine. So yes, if he files bankruptcy, be very active in it. Despite what I said previously, there are circumstance that you can dismiss a bankruptcy filing as filed in "bad faith" and based on what you have told me that may be something to explore right up front as well. But failing that, you will want to bring an adversarial proceeding in his bankruptcy to pursue the fraud charges.
Does this answer everything for you?