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Environmental consultants in property transactions: commissioning, due diligence, compliance and liability for land contamination, flooding and climate, ecology and invasive species in acquisitions, disposals, leasing and development
PRACTICE NOTES
Environmental consultants in property transactions: commissioning, due diligence, compliance and liability for land contamination, flooding and climate, ecology and invasive species in acquisitions, disposals, leasing and development
Purchasers, sellers, landlords and tenants alike should be mindful of the common law principle of ‘caveat emptor’—‘let the buyer beware’—under which a seller has no obligation to volunteer material facts to a prospective purchaser. For further guidance, see Practice Notes: Property—enquiries before contract and Misrepresentation, misstatement and non-disclosure in property matters. Do note, however, that where a seller wishes to invoke the ‘sold with information’ exclusion under the contaminated land regime in Part IIA of the Environmental Protection Act 1990 (EPA 1990), relevant information must be supplied... Numerous environmental concerns can expose parties in property transactions to liability, so a proportionate level of environmental due diligence is advisable whenever property is transferred. This Practice Note considers how environmental consultants support clients during property deals and identifies environmental matters most likely to carry material financial or legal consequences, which should therefore be
Environment
Environmental liabilities in insolvency and pre-pack sales: the consultant’s due diligence role, permits, waste and contaminated land—guidance for office-holders and lenders (England and Wales)
PRACTICE NOTES
Environmental liabilities in insolvency and pre-pack sales: the consultant’s due diligence role, permits, waste and contaminated land—guidance for office-holders and lenders (England and Wales)
‘Caveat emptor’, or ‘let the buyer beware’, is a common law doctrine under which a seller has no obligation to disclose material facts to a prospective purchaser, and this extends to insolvency disposals. However, if a seller wishes to rely on the ‘sold with information’ exclusion under the contaminated land regime in Part IIA Environmental Protection Act 1990 (EPA 1990), information must be provided. See Practice Notes: Property—enquiries before contract, Pre‑contract searches and Types of environmental investigations. Responsibilities Compliance with environmental law lies with the company, whether solvent or insolvent. That said, it is essential to determine the accountability of the insolvency practitioner and any lender if a company enters insolvency, as the office‑holder may incur liability. Insolvency practitioners should understand a company’s environmental obligations before taking an appointment, and lenders should be aware of any potential liabilities. In addition to directors’ financial and company
Environment
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