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Taft Stettinius & Hollister LLP | USA | 12 Jul 2011

Cost recovery not allowed from purchaser’s escrow

On June 21, 2011, the Fifth Circuit Court of Appeals ruled in In re Evans Industries, Inc., that a purchaser of assets from a bankrupt company cannot make a claim against a holdback escrow account for expenses incurred while cleaning up hazardous waste that the bankrupt company left behind.

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