The Prospects of asset securitization in Lithuania in the light of experiences from the United States of America and Europe

ENThis doctoral dissertation deals with a sophisticated financing mechanism – asset securitization – which can provide businesses with a better access to lower cost finance. This mechanism is successfully (though with corrections caused by the financial crisis) employed in the United States of America and several European jurisdictions. However, it is not known in many recently developed jurisdictions, such as Lithuania. In this dissertation, Lithuania serves as a prototype, an example of a legal system of a recently developed country. Therefore, the goal of this work is to identify and evaluate the preconditions necessary for the functioning of asset securitization and to see what should be done to create them in Lithuania. The author extensively uses the comparative law methodology in analyzing legal provisions present in other jurisdictions. The analysis in this work also goes beyond legal provisions, as it evaluates the efficiency of the law by looking at the particular features of different economies and the way the law interacts with them. This work draws most heavily on the experiences of the US in developing and using the mechanism of asset securitization. It also assesses the particular features of different US laws, connected with the functioning of this mechanism. For that purpose, it examines assignment law, the law on organizational forms of entities (corporations, cooperatives, partnerships, and trusts), bankruptcy law, securities law, tax law, as well as debt collection and enforcement law. This analysis is supplemented with experiences from European civil law jurisdictions (France, Germany, the Netherlands, Spain, and Switzerland) – both those that managed to benefit from asset securitization and those that are still struggling for that. [...].