Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Insolvency definition

What does Insolvency mean? In practice, insolvency describes a financial state where a debtor cannot meet liabilities when due, triggering remedies such as administration, liquidation or bankruptcy and informing directors’ duties and avoidance claims. For companies in England & Wales, Scotland and Northern Ireland, the Insolvency Act 1986, s 123 sets two alternative tests: - Cash‑flow insolvency: an inability to pay debts as they fall due. The inquiry is practical and forward‑looking, not confined to today’s bills (Re Patrick & Lyon Ltd [1933] Ch 786; BNY Corporate Trustee Services Ltd v Eurosail [2013] UKSC 28). - Balance‑sheet insolvency: liabilities (including contingent and prospective liabilities) exceed assets on...

Contaminated Land and Insolvency: IP Duties and Protections, Liability Allocation and Exclusions, Remediation Notices, and Environmental Debts or Expenses

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Background to the contaminated land regime (the regime)

The framework for contaminated land appears in Part 2A of the Environmental Protection Act 1990 (EPA 1990). This statutory scheme addresses the remediation of land contamination that presents an unacceptable risk to human health or the environment. Local authorities are required to determine contaminated land through a risk‑based methodology. The competent enforcing authority—ordinarily the local authority, though in specified circumstances the Environment Agency (EA) or Natural Resources Wales (NRW)—must locate those responsible for the pollution and compel them to investigate, evaluate and remediate the land to a state appropriate for its existing use...

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