Research On The Bankruptcy Risk Of The Sponsor On Asset Securitization Of Future Creditor’s Rights

In the practice of the corporate asset securitization practice of China, the future debt securitization has become one of the most important types of securities. With the last year, both securitization business assets supervision and credit assets are substantially liberalized, the "approval system" to "filing system" track, in the foreseeable future, the country’s asset securitization market the amount and size of the body is bound to the rapid expansion in China’s financial market will also occupy a more important position. I had the privilege to participate in the asset securitization business of the wave in the sense of vigor and vitality of the development of innovative financial instruments at the same time, they cannot help but produce little doubt- the future debt securitization is a typical asset securitization model "true sale" standard in the future, we usually define debt securitization is also applicable? The question raised from practice, but it needs to be attributed to solve academic research. In this paper, the author attempts to examine the future of the credit asset securitization special sponsor bankruptcy risk, and then combined with the practice of corporate asset securitization of certain issues raised and suggestions.On the structural arrangements, the paper is divided into three chapters, each focused on three issues point to the need to clarify the article. The first chapter of the bankruptcy of Asset Securitization isolation mechanism to commence bankruptcy remote asset securitization mechanism is unique characteristics of the system and where, it covers the whole process of bankruptcy risk of isolation of each subject. One of the most important risk is the risk of bankruptcy that the promoters, sponsors and because of securitized assets have the most direct relationship with the promoters of the bankruptcy risk of securitized assets may generate the most direct spread. The isolation mechanism sponsor the risk of bankruptcy, it is through the so-called "true sale" to achieve, the concept of a true sale is twofold legally and financially, only to meet the specific legal and financial standards and requirements before they can be identified to constitute a true sale. The last chapter, the author of our practice analysis, the sponsor of the bankruptcy risk isolation mechanism to build simple yet significant, there is still room for improvement.The second chapter is mainly about the future viability of the expanded credit asset securitization. This chapter first for the underlying asset securitization shall meet the general requirements were defined, as defined in these results, based on the nature of the claims on the future and the future of the assignment of claims to analyze the problem which is particularly noteworthy is the future transfer of claims point in time is determined, for future credit asset securitization can effectively achieve the bankruptcy isolation plays a vital role. Future debt negotiable bank has for national legislation and practices generally accepted, but the future existence of credit transfer point when the contract is signed and the transfer of claims actual debt are two theories, this chapter do their analysis and compare the pros and cons. Finally, this chapter combines our corporate asset securitization practice, come under our current laws and regulations, in line with the requirements of the future debt securitized assets, but also pointed out that the existing laws and regulations did not consider future credit asset securitization issue of specificity.The third chapter is mainly about the future debt securitization sponsors special risks of bankruptcy unfold. First chapter on the future impact of debt securitization sponsor for analyzing the risk of bankruptcy, pointed out two problems uncertain future debt securitization cannot escape the promoters active debt management and transfer point in the future could lead to true sale invalid. Subsequently, this chapter the basicsystem for future conflict with the debt securitization bankruptcy law, principles and values to discuss, respectively, from future claims conflict with the originator securitization creditor protection of the interests of creditors and future asset securitization and bankruptcy reorganization balance of interests of both perspectives, discuss the issue of asset securitization law and bankruptcy law cross-cutting areas. Finally, the author looks at these issues, made a number of their own proposals, the proposals that are out to improve our asset securitization law, protect the interests of investors, asset securitization, asset securitization promote our business development, but also to strike a balance between the interests of asset securitization law with bankruptcy law. Of course, given that the author is limited, for further study of the problem, there may be experts or explore.