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Environmental Protection, Producer Insolvency and Lender Liability

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Author Info
Marcel Boyer ()
Jean-Jacques Laffont

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Abstract

The present paper deals with some legal issues surrounding environmental protection, namely those issues concerning the liability of the different firms and individuals directly or indirectly involved in the generation of environment damaging accidents. We consider in particular the potential effects of extending a firm's liability in case of an environmental disaster to its lenders and financiers when the cost of this liability is too large in relation to the firm's assets. Such extended liability regimes exist or are considered in many countries. The most important case is the 1980/85 Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) in the USA that led to an extensive jurisprudence over the last fifteen years.

Nous traitons ici du cadre légal de la responsabilité directe des entreprises lors de désastres environnementaux et de l'extension de cette responsabilité aux prêteurs en cas de faillite de l'entreprise. De tels régimes existent ou sont à l'étude dans plusieurs pays. Le cas le plus connu est le Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) de 1980/85 aux États-Unis et nous analysons les principaux cas de jurisprudence auxquels cette loi a donné lieu depuis 15 ans.

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Paper provided by CIRANO in its series CIRANO Working Papers with number 95s-50.

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Date of creation: 01 Nov 1995
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Handle: RePEc:cir:cirwor:95s-50

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Related research
Keywords: Environment; Extended Lender Liability; CERCLA; Environnement; responsabilité; CERCLA;

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  1. Marcel Boyer & Donatella Porrini, 2002. "Modeling the Choice Between Regulation and Liability in Terms of Social Welfare," CIRANO Working Papers 2002s-13, CIRANO. [Downloadable!]
    Other versions:
  2. Bernard Sinclair-Desgagné & Carel Vachon, 1999. "Dealing with Major Technological Risks," CIRANO Working Papers 99s-29, CIRANO. [Downloadable!]
  3. Claude Fluet, 1998. "Régulation des risques et insolvabilité: le rôle de la responsabilité pour faute en information imparfaite," Cahiers de recherche du Département des sciences économiques, UQAM 9802, Université du Québec à Montréal, Département des sciences économiques. [Downloadable!]
  4. Marcel Boyer, 1997. "L'économie des organisations : Mythes et réalités," CIRANO Working Papers 97s-02, CIRANO. [Downloadable!]
  5. Carsten Helm, 2005. "How Liable should an Exporter be? The Case of Trade in Hazardous Goods," Darmstadt Discussion Papers in Economics 153, Institut für Volkswirtschaftslehre (Department of Economics), Technische Universität Darmstadt (Darmstadt University of Technology). [Downloadable!]
    Other versions:
  6. Marcel Boyer & Donatella Porrini, 2008. "The Efficient Liability Sharing Factor For Environmental Disasters: Lessons For Optimal Insurance Regulation," CIRANO Working Papers 2008s-03, CIRANO. [Downloadable!]
  7. Marcel Boyer & Donatella Porrini, 2007. "Sharing Liability Between Banks and Firms: The Case of Industrial Safety Risk," CIRANO Working Papers 2007s-04, CIRANO. [Downloadable!]
  8. Sandrine SPAETER, 2002. "Principe de precaution et comportements preventifs des firmes face aux risques environnementaux," Working Papers of BETA 2002-08, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
  9. Carsten Helm & Anja Schöttner, 2005. "Subsidizing Technological Innovations in the Presence of R&D Spillovers," Darmstadt Discussion Papers in Economics 154, Institut für Volkswirtschaftslehre (Department of Economics), Technische Universität Darmstadt (Darmstadt University of Technology). [Downloadable!]
    Other versions:
  10. Marcel Boyer & Jean-Jacques Laffont, 1996. "Toward a Political Theory of Environmental Policy," CIRANO Working Papers 96s-07, CIRANO. [Downloadable!]
    Other versions:
  11. André SCHMITT & Sandrine SPAETER, 2002. "Improving the Prevention of Environmental Risks with Convertible Bonds," Working Papers of BETA 2002-14, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
  12. HIRIART Yolande & MARTIMORT David, 2006. "The Benefits of Extended Liability," Working Papers 06.28.221, LERNA, University of Toulouse. [Downloadable!]
    Other versions:
  13. Karine Gobert & Michel Poitevin, 1998. "Environmental Risks: Should Banks Be Liable?," CIRANO Working Papers 98s-39, CIRANO. [Downloadable!]
    Other versions:
  14. Marcel Boyer & Donatella Porrini, 2000. "Law versus Regulation: A Political Economy Model of Instrument Choice in Environmental Policy," CIRANO Working Papers 2000s-57, CIRANO. [Downloadable!]
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