| Public-Private Partnership is a great innovation in public service,which can take good advantage of private capital and the role of government.The major type of securitization of PPP project is “company asset plan” which is governed by China Securities Regulatory Commission.But because of the defects of Chinese standing legal system,there are three problems that could fail the bankruptcy remote.Problems are as follows: firstly,there are no law provisions that regulate the income property rights;secondly,the SPV of company asset plan is not regarded as an independent individual,it cannot be deemed to be the suitable transferee of the income property rights;thirdly,there is no standard of “true sales” in Chinese law system.The author brings forward suggestions to settle this predicament after the discussion of problems.The suggestions are: the law shall give a definition of income property right,and make it clear that it can be transferred;allow the company asset plan be regulated by Trust Law and formulate a unified standard of “true sale”. |
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