Environmental Due Diligence & Risk Management

According to the American Bankruptcy Institute, 43,546 U.S. Businesses filed for bankruptcy in 2008. In 2009, this number increased to 60,837 businesses! Under Section 363 of the U.S. Bankruptcy Code, a bankruptcy trustee or debtor-in-possession can sell assets, such as real estate, free and clear of liens, claims and interest. 

Sounds like a pretty stellar deal for potential purchasers, huh? BUUUUTTT.... how does that affect environmental liability as these real estate parcels are sold off?  Who ultimately is fiscally responsible for the environmental assessment and remediation of seemingly abandoned, contaminated properties?

More to come...