Ace Hauling,Inc.,has been transporting industrial tailings for companies around the Minneapolis/St.Paul area for the past decade.The site at which the tailings were dumped has been designated at a CERCLA Superfund site.Ace Hauling's board of directors voted to sell Ace to a new corporation created by legal counsel for Ace.All of Ace's assets,liabilities and contracts will be transferred to the new corporation whose owners are unaware of Ace's history.By creating the new corporation and transferring the assets:

Question

Quizplus · Accepted Answer

Creating a new corporation and transferring the assets does not absolve Ace Hauling, Inc. of its CERCLA liability. The liability will likely still transfer to the new corporation, as they are now the owners of Ace's assets, liabilities, and contracts.