The Study On Bankruptcy Isolation Mechanism Of Asset Securitization

As a structured financing tool,Asset Securitization is getting great development in China's financial market.The core of Asset Securitization is the application of bankruptcy isolation mechanism.This article is divided into four chapters to discuss the bankruptcy isolation mechanism.Through the analysis of the main body of the bankruptcy and isolation system and the true sale of the basic assets,this paper proposes the construction and legislation for the isolation mechanism.The first chapter is an overview of the isolation mechanism.Asset Securitization in our country is divided into two major types,namely,Securitization of Credit Asset Securitization(CBRC supervision)and Enterprise Asset Securitization(CSRC supervision)according to the different regulatory authorities.Their basic transaction structure is different.The second chapter describes the establishment of special purpose agencies and the true sale of basic assets.The third chapter probes into the confirmation of the true sale deeply,summarizes the foreign related legislation and combines the specific recognition standard in the area of justice and accounting.The fourth chapter puts forward proposals from two aspects: the setting of special purpose agencies in our country and the improvement of the real sales standards.We can consider the introduction of special purpose companies mechanism.The principle of real sale of basic assets can divided into materialism and formalism,China's current legislation does not recognize the standards of real sale.We can consider drawing on foreign experience in the real sales of written legislation,clearly defined summary identify the standards and leave the regulators and courts sufficient detail.