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Old 10-16-2017, 06:56 AM   #1
tana4488
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Default Who owns the assets of an abandoned bankrupt company?

Who owns the assets of an abandoned bankrupt company?
The firm declared bk 4 years ago and is nonexistent now.

And if I use their abandoned software, can somebody force me to stop or sue me?
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Old 10-16-2017, 10:25 AM   #2
Lexus
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Default Re: Who owns the assets of an abandoned bankrupt company?

It depends on how you obtained the abandoned software of the company.
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Old 10-16-2017, 11:45 AM   #3
adjusterjack
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Default Re: Who owns the assets of an abandoned bankrupt company?

Quote:
Originally Posted by tana4488 View Post

And if I use their abandoned software, can somebody force me to stop or sue me?
If you mean that you bought the software when the company was still in business but the company is no longer available to provide support or updates, then you own it and you can continue to use it without any problems.

If you mean something else, you'll have to explain.
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Old 10-30-2017, 06:58 AM   #4
LJJ
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Default Re: Who owns the assets of an abandoned bankrupt company?

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Originally Posted by tana4488 View Post
Who owns the assets of an abandoned bankrupt company?
The firm declared bk 4 years ago and is nonexistent now.

And if I use their abandoned software, can somebody force me to stop or sue me?
If the asset was not sold or given to somebody in the Bankruptcy proceeding then it is deemed abandoned by the Trustee, and then the asset returns to the person or entity that filed bankruptcy. It does not just float in the air waiting to grabbed by somebody.

BUT many times the person that has the rights to the asset really does not care about it any longer. In that case you can try to take it or use it but beware the owner can always appear and assert their rights--or at least try to.

Legal counsel can review details with you if it is important or if large dollar amounts are involved.
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