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ARTICLE · 21 JANUARY 2022

Securitisation 2022

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Insolvency laws are a major consideration in securitisation in Hong Kong. Typically, the subject assets backing the notes or other asset-backed securities to be issued to investors...

Hong KongCorporate/Commercial Law
Vincent Sum
Vincent Sum
Sylvia K. Y. Leung
Sylvia K. Y. Leung
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 1. Structurally Embedded Laws of General Application

 1.1 Insolvency Laws

Insolvency laws are a major consideration in securitisation in Hong Kong. Typically, the subject assets backing the notes or other asset-backed securities to be issued to investors, such as loan receivables and trade receivables, will need to be insulated from the financial and credit risks of the originator (ie, the seller of the assets) so that they will not form part of the originator's estate if the originator becomes insolvent, and thus will not be subject to insolvency proceedings in respect of the originator. In this chapter, the terms "originator" and "seller" refer to the seller of the assets in securitisation, while the terms "issuer" and "buyer" refer to the buyer of these assets.

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