构筑远离破产的SPV的法律方法

SPV是一个破产隔离实体.要达到与破产相隔离的目的,首先,应防止SPV从事任何与"特别目的,,无关的商业活动,它的惟一业务应是持有那些构成证券化基础的资产;其次,应设立防止SPV主动提出破产申请的结构.为此,SPV应有一个或以上的独立董事,这些独立董事在考虑是否使SPV进入破产或清算程序时,应对SPV本身及投资者而不是股东负有信托义务.SPV的组织文件通常要求,只有在SPV的独立董事一致同意的情况下才可以提出破产申请.

Legal ways of building SPV remoting from bankruptcy

SPV is an entity for bankruptcy segregating. There are two ways to segregate SPV from bankruptcy: firstly, SPV's structure shall be proper for preventing it form conducting and business activities unrelated to "special purpose"; Secondly, SPV should establish a structure to prevent it from applying bankruptcy in its own initiative. In order to achieve the above two targets, SPV should have at least one independent director who bears the fiduciary duty for SPV itself and investors, not for the shareholders when deciding whether SPV goes to bankruptcy or liquidation procedure or not. It is the requirement that the organizational document of SPV ordinarily that the independent directors should submit the application for bankruptcy by consensus.