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10 Wroclaw Rev. L. Admin. & Econ. 1 (2020)

handle is hein.journals/wrorwolwa10 and id is 1 raw text is: Ss cien do Wroclaw Review ofLaw, Administration & Economics Vol 10:1, 2020 DOI: 10.2478/wrlae-2020-0001 LEGAL AND ECONOMIC ASPECTS OF DEBT SECURITISATION WITH INVOLVEMENT OF SPECIAL PURPOSE CORPORATION' WOJCIECH SZYDLO* KEYWORDS Debt securitisation, a special purpose corporation, a special purpose vehicle, special purpose company, securitisation fund, assignment of receivables, sub- participation contract, securities, bonds ABSTRACT Securitisation is an asset management method aimed at issuing securities based on a separate set of claims. With this method, private entities and public entities delivering public tasks can have access to investment financing or operational financial through the capital market, bypassing a credit risk. It is achieved by bringing to a swap of a package of claims due to the entity with cash raised through issuing securities (e.g., bonds) backed by the debt obligations (claims). The paper presents legal and economic rules for organising the debt securitisation process involving a special purpose commercial law company set up to issue securities, which, next to securitisation through a securitisation fund, is one of the two types of securitisation of claims governed by Polish law. This paper was written within the research project financed by the National Science Centre No. DEC-2013/08/A/HS5/00642. JEL: K 23 1 This paper was written within the research project financed by the National Science Centre No.DEC-2013/08/A/HS5/00642. * PhD in Law with a post-doctorate degree in Law, Assistant Professor in the Department of Civil Law and International Private Law at the Institute of Civil Sciences, Faculty of Law, Administration and Economics, University of Wroclaw, wojciech.szydlo@uwr.edu.pl, ORCID: http://ORCID%201D:%2Oorcid.org/0000-0003-3987-9318 - 1 -