Innovation and intellectual property rights ("IP") are sometimes referred to as the motor of modern economy. IP licences are the indispensable lubricants for that motor. Considering the major economic and practical importance of IP licences, it is striking that the answer to the question what the position of a licensee is when the licensor goes bankrupt, can, up to now, only be found in the exegesis of two judgments by the Supreme Court which have nothing to do with this question at all.
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