By Charlotte GAUCHON
16 June 2025
The life of a receivable does not end with its transfer. When a company transfers a portfolio of receivables to a financing organisation as part of a securitisation transaction, a key question arises: who is legally entitled to claim payment from the debtor? The answer, far from simple, has been the subject of numerous legislative changes and debates in case law. Understanding the rules governing standing to sue for recovery is therefore a major issue for the legal certainty of all the parties involved, from the assignor to the investors, via the debtor himself. General principles governing the recovery of securitised receivables The basic rule, set out in article L. 214-172 of the French Monetary and Financial Code, is that of continuity. In principle, securitised receivables continue to be collected by the transferor, i.e. the entity that originally sold the receivables. This solution has a number of practical advantages...
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