401 KAR 35:130. Incapacity of owners or operators, guarantors, or financial institutions (IS).
RELATES TO: KRS 224.10, 224.40, 224.43, 224.46, 224.99
STATUTORY AUTHORITY: KRS 224.46-505, 224.46-520
NECESSITY, FUNCTION, AND CONFORMITY: KRS 224.46-520 requires that persons engaging in the storage, treatment, and disposal of hazardous waste obtain a permit. KRS 224.46-520 requires the cabinet to establish standards for these permits, to require adequate financial responsibility, and to establish minimum standards for closure for all facilities and the postclosure monitoring and maintenance of hazardous waste disposal facilities. This chapter establishes minimum standards for hazardous waste sites or facilities qualifying for interim status. This administrative regulation establishes the requirements regarding incapacity of owners or operators, guarantors, or financial institutions.
Section 1. Notification. An owner or operator shall notify the cabinet by certified mail of the commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code, naming the owner or operator as debtor, within ten (10) days after commencement of the proceeding. A guarantor of a corporate guarantee as specified in Section 7 of 401 KAR 35:090, Section 7 of 401 KAR 35:100, and Section 7 of 401 KAR 35:120 shall make such a notification if he is named as debtor as specified under the terms of the corporate guarantee (see 401 KAR 34:165).
Section 2. Establishment of Other Assurance or Liability Coverage. An owner or operator who fulfills the requirements of 401 KAR 35:090, 401 KAR 35:100 or 401 KAR 35:120 by obtaining a trust fund, letter of credit, surety bond, insurance policy or escrow agreement shall be deemed to be without the required financial assurance or liability coverage in the event of bankruptcy of the trustee or escrow agent or issuing institution, or a suspension or revocation of the authority of the trustee institution to act as trustee, or of the institution issuing the surety bond, letter of credit or escrow agreement to issue such instruments. The owner or operator shall establish other financial assurance or liability coverage within sixty (60) days of such events. (10 Ky.R. 231; eff. 12-2-83; 17 Ky.R. 347; eff. 9-25-90.)