Yes and there's a good chance they'd win. They have to prove a right to the name and that the registration is abusive. The first part is pretty easy, the second not so unless you approach them.
That's interesting
So it's even with product domain names?
If you had a name like bowlingballs.co.uk and approached a long standing business called bowlingball.co.uk there's a chance they could take it off you?
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