CEU Electronic Theses and Dissertations, 2008
| Author | Giurgea, Florentin Catalin |
|---|---|
| Title | THE ROLE OF RECEIVABLES FINANCING IN THE CONTEXT OF ABS SECURITIZATION -COMPARATIVE VIEW ON ROMANIAN AND U.S. LAW |
| Summary | Receivables financing, in general, gives the companies the possibility to finance their activities for short and medium term. Securitization, project finance, sale of receivables, creation of security interest on receivables, factoring, forfeiting are modalities of financing against receivables. Securitization began to be used as structured finance technique in the United States in 1970, when there were issued the first securities backed by mortgages; the securities may be also backed by receivables. Securitization is a modality of financing against receivables used by companies in order to allow them to raise liquidities from lenders otherwise inaccessible and to rates of interest which are lower than those imposed by banks or other credit institutions. The originator transfers receivables, by means of assignment, to a special created entity that will issue and sell notes to interested investors. The main characteristic of securitization is that the notes are backed by receivables, which are the only assets of the special entity. Issued notes may be sold directly to so-called sophisticated investors or on the secondary market. In the Unites States securitization is a contractual transaction that is not regulated through specific laws; this is more a characteristic for civil law systems and the lately enactment of such laws regulating securitization of receivables or of mortgage bonds in countries like Romania, Ukraine, Poland, Russia supports this idea. |
| Supervisor | Tajti Tibor |
| Department | Legal Studies LLM |
| Full text | https://www.etd.ceu.edu/2008/giurgea_florentin.pdf |
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