Mould Breaking Initiative
We were both confident and nervous at the same time whilst at our table waiting for the winner of the Mould Breaking Initiative of the Year 2008 to be announced but were delighted when our name was announced as the winner. This was for our Active Transfer product which is a financial liability solution helping organisations to exit sites responsibly. The judges at the Managing Partners Forum European Practice Management Awards noted that the initiative proved us to be leaders in our field.
What is Active Transfer?
Many transactions or land developments falter because interested parties have concerns over the potential extent of environmental liabilities. ‘Active Transfer’ removes those risks, releases funds from balance sheets, enables organisations to exit sites having handled environmental issues in a responsible manner, and appeases shareholders. In short it removes unknown risks for site owners, vendors, purchasers and funders and removes the guesswork from the estimation of provisions for environmental liabilities and resolves environmental obligations for a one-off fee.
First Deal in Western Europe
Environmental liability solutions are complex transactions. They are widely used in the US but Europe has been much slower to respond. We were delighted when our Active Transfer product was used for a site in the UK which was a ground-breaking deal and the first of its kind in Western Europe.
We applied our solution to a 500,000 sq ft former Kodak imaging chemicals production facility in Merseyside. And whilst we can’t provide the value of this deal, we can say that it was bigger than our previous biggest deal at a value of £3.5m. We constructed the contract, which was underpinned by two insurance policies and the remediation design work is underway and the remediation programme already in place.
For more information contact;
Tel: + 1 703 709 6500