Securitisation In Russia

This article was originally published in The International Comparative Legal Guide to: Securitisation, 2007.

1 Receivables Contracts

1.1 Formalities. In order to create an enforceable debt obligation of the debtor to the seller, (a) is it necessary that the sales of goods or services are evidenced by a formal receivables contract; (b) are invoices alone sufficient; and (c) can a receivable "contract" be deemed to exist as a result of historic relationships?

According to Russian legislation, a receivable contract is required to be made in writing when at least one of its parties is a legal person, or when the contract value made between individuals is more than a certain threshold (currently, approx. USD 400), or in some other cases directly prescribed by law. The requirement of a written form is deemed to be complied with when there is a single written document, or an exchange of