When is the right moment to seek a patent?

I have developed a man-made textile during my university course that has a number of innovative features. I would like to look into manufacturing it, or selling the idea to an established outdoor clothing company, but the textile is not currently protected from being copied. Should I be arranging some sort of intellectual property protection for it first, or is that done at a later date? If now, what form should this take?

Since your idea relates to how the textile functions, not its appearance, the appropriate form of protection would be a patent.

We are often asked when a patent application should be filed and there are a number of factors to consider. The safest course of action from a patenting perspective is to file an application as early as possible. Having an application filed can also help to attract investment.

For an invention to be patentable, it must be new and inventive over everything that has been publicly disclosed before the application is filed. If you delay filing an application, there is a risk that someone else might publish the idea of something similar, preventing you from patenting it.

You must also make sure that your idea is kept secret before an application is filed. You only have to file in one country initially - if you also wanted to protect your idea abroad, you could wait for up to a year before filing further applications, which would be backdated to the filing date of the first application so you would not lose out by waiting.

Filing an international "PCT" application is another way to delay costs. Of course, not everyone files a patent application early on and if you are unsure about the commercial prospects for your idea you may prefer to wait. If you wait, you should ensure that anyone you talk to about your idea signs a non-disclosure agreement, to make sure that it is kept secret.

Catherine Noronha is a patent attorney at Dehns, a firm of patent and trademark attorneys

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In search of interest

I am a consultant and I have set up a limited company to receive my income. Currently the cash is sitting in my business account earning no interest and I can't find a business account that pays reasonable interest without risk to capital or tying the money up for years. Can you help?

The Bank of England recently floated the idea of applying negative interest rates to financial institutions, to encourage further lending in the UK economy.

The irony was not lost on the millions of small business owners already receiving negative real interest rates on their corporate cash. However, it is possible for companies to avail themselves of the rates applied to personal deposit accounts by using an offshore bond, a product provided by large insurance companies.

You should take independent advice as to which insurance company to use. The process is relatively simple: your company establishes a bond, which in turn has access to several bank deposit accounts, with varying deposit terms. Administratively, there is only one application form and anti-money laundering procedure, and it is possible to spread deposits among several banks to reduce counterparty risk.

There is also online access for valuations and account switching. Any default of the underlying banks would not be covered by the Financial Services Compensation Scheme (FSCS), although it would step in if an insurance company defaulted. Even allowing for fees, it is possible for companies such as yours to turn a negative into a positive with their corporate cash.

Paul Panayi is chief executive of Optimus - The Family Manifesto, a wealth management company

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Must I disclose health problems?

I was diagnosed with bipolar disorder two years ago when I was managing director of a manufacturing business. When I disclosed this to the board of that company I was, quite quickly, forced out of my role. Needless to say, I was very disappointed and upset by the proceedings. Since then, I have made a good recovery and have recently been approached by another company to serve as a director. I am very keen to get involved and agree to the position but am worried that if I disclose my mental health history they will remove the offer. Do I have to disclose my illness and what protections are available to me going forward?

Congratulations on the job offer. There is no positive duty on you to disclose your condition. However, you must not mislead the new company by giving any false statements about your state of health.

You need to be mindful of general directors' duties, for example, to exercise reasonable care, particularly if your condition is likely to affect your ability to carry out the new role. Take medical and legal advice if you are unsure.

You are likely to have some protection from discrimination under the Equality Act 2010. That means that the new company would be under a duty to make reasonable adjustments, for example to your working hours, to accommodate your disability, and that they cannot treat you less favourably because of that disability.

Many companies have the right under their articles to remove a director who they consider has become mentally incapacitated, but the Mental Health (Discrimination) Bill, which is making its way through the parliamentary process, intends to repeal the practice of barring those who have suffered from severe mental health issues from serving AS Company directors. If passed, this should mean that directors with mental illnesses will not be automatically forced to step down.

Rebecca Davidson is a solicitor at Fox Williams, a law firm

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