PIL.OT / DEVELOPMENT
PIL.OTv0.62.2
Valentyn Burianov proposes a reproducible two-stage model for choosing the country of registration of a special-purpose vehicle (SPV) in cross-border future-flow securitisation. The author stresses that foreign incorporation alone does not remove assets from the originator's insolvency estate and that conventional weighted matrices can let favourable scores mask defects that would prevent the transaction from closing.
The first stage applies six admissibility conditions, a failure on any of which cannot be offset by a good score elsewhere; the second compares the remaining alternatives across five weighted criteria. Applied to the future iron-ore export receivables of a Ukrainian producer, the model puts Luxembourg first, with a baseline score of 4.20, under an EU-facing issue within Regulation (EU) 2017/2402. A UK-facing route reproduces that result, and Jersey leads only under an assumed direct-CREST configuration.
The choice of the SPV's jurisdiction in cross-border securitisation and its consequences for the originator's insolvency estate.
It ties the choice of SPV jurisdiction to its consequences for the insolvency estate and EU regulatory duties through a systematic method, giving companies and advisers structuring cross-border financings a usable decision tool.
Український економічний часопис · 2026
DOI 10.32782/2786-8273/2026-14-7