SPV and Transaction Parties
Definition
SPV Huérfano
Un SPV cuyo capital social está en manos de un fiduciario profesional en un fideicomiso de propósito específico (típicamente en las Islas Caimán, Jersey o Irlanda), garantizando que no sea propiedad del cedente ni se consolide con él.
Deep Dives
Related Terms
Special Purpose Vehicle (SPV)
A bankruptcy-remote legal entity created solely to hold assets and issue securities or borrow against those assets. Bankruptcy-remoteness is the defining feature — achieved through limited purpose charter, limited recourse provisions, and non-consolidation opinions.
True Sale
A transfer of assets constituting a legal sale (not a secured loan) so that the assets are excluded from the originator's insolvency estate. Requires: (1) intent of parties; (2) no obligation to repurchase at par; (3) no practical control retained; (4) supported by a true sale legal opinion. See also: VIE/ASC 810 for US GAAP consolidation consequences.