A bankruptcy case that includes patents and patent applications requires skilled patent and bankruptcy counsel.Specific technical knowledge in the subject matter of the patents can be very useful for patent counsel, and having a doctorate in the relevant technical area is ideal.

Counsel should find and review patent license agreements to identify obligations in licensed patent applications and/or patents as licensor or licensee.

Be Aware of Deadlines.Look for pressing deadlines for responding to office actions in order to keep patent applications alive. 

 If a debtor changed the company's name, either a certificate of amendment or articles of amendment, or both, are filed with the secretary of state. Records of name change can be ordered and filed with the USPTO to establish clear chain of title if a debtor's name was changed and not recorded. Because the federal patent statute deals with ownership but not security interests, federal patent law does not preempt state law as to perfection of security interests in patents and patent applications as governed by UCC Article 9

.But opinions from inventors, officers, and employees of the debtor company or previous insiders can never substitute for independent analysis by an outside consul-tant with knowledge of and expertise in the technology involved.If the debtor is in Chapter 7 (and thus going out of business), or if the debtor is a Chapter 11 company that is being liquidated in Chapter 11, it is best to obtain advice from a consultant with experience in either commercializing or developing technology to help determine value.

 Sales of assets are clearly appropriate in Chapter 7 cases.

Look for Potential Buyers. Insiders of the debtor company, such as executives, inventors, and other management members, may have an interest in investing in or acquiring some or all of the patent portfolio. Depending on the value of such patent assets and the willingness of insiders to invest in or to reorganize the debtor company, insiders may be a good target for initial investments. And through networking with venture capital firms or other potentially interested companies, the patent portfolio can be introduced to interested parties to obtain either an initial bid for acquiring the portfolio or potential financing. Companies in a similar field or IP storehouses may be interested in viewing the patent portfolio and performing their own buyer analysis to value the portfolio.

When a company that owns a patent portfolio files for bankruptcy, whether Chapter 7 or 11, numerous patent, bankruptcy, scientific, and business considerations are implicated. The best result will be obtained by the use of professionals with specialized skills in each area of law, such as bankruptcy, business, and patent. By identifying, protecting, and maintaining valuable IP assets of a company in bankruptcy, the DIP or trustee maximizes the opportunity to salvage business operations or to monetize on valuable IP assets