What happens to a license for seismic data when the
licensee suffers a bankruptcy event?
In
Part 1, we looked at a case
of bankruptcy of the IP owner.
However, what about the case where the licensee is
bankrupt? In the case of seismic, we're talking about the
bankruptcy of the company that is licensed to use the seismic
data. Most seismic data agreements are licenses to
use a certain dataset subject to certain restrictions.
Remember, licences are simply contractual rights.
A trustee or receiver of a bankrupt licensee is not
bound by the contracts of the bankrupt company, nor is the trustee
or receiver personally liable for the performance of those
contracts.
The only limitation is that a trustee cannot disclaim or cancel
a contract that has granted a property right. However, a seismic
data license agreement does not
grant a property right; it does not transfer a property interest in
the data. It's merely a contractual right to use. Bankruptcy
trustees
