Avoid murky waters
Burnett-Hall, Richard Lethbridge, Alexandra
Avoid murky waters - 2009 - Estates Gazette (0949) 12 December 2009, 66-67(2) .
Lenders enforcing charges on a property where the borrower defaults on its repayments may take on unknown liabilities if it is environmentally contaminated. Outlines liabilities and risks a lender may face. Suggests lender may face four risk categories including credit, security, liability and reputational. From April 2010 companies which breach environmental controls will be exposed to potentially large civil penalites under the Environmental Civil Sanctions Order 2010.
ENVIRONMENTAL PROTECTION ACT 1990
ENGLAND AND WALES
Avoid murky waters - 2009 - Estates Gazette (0949) 12 December 2009, 66-67(2) .
Lenders enforcing charges on a property where the borrower defaults on its repayments may take on unknown liabilities if it is environmentally contaminated. Outlines liabilities and risks a lender may face. Suggests lender may face four risk categories including credit, security, liability and reputational. From April 2010 companies which breach environmental controls will be exposed to potentially large civil penalites under the Environmental Civil Sanctions Order 2010.
ENVIRONMENTAL PROTECTION ACT 1990
ENGLAND AND WALES