Non-recourse factoring was created to allow a company that has a receivable (the Assignor) to immediately collect that receivable, speeding up recovery times and facilitating cash flows.
With this type of product, the company assigns its portfolio of receivables to the Bank, in return for the payment of a price, and the Bank acquires ownership of those receivables.
The assignment of the past due or maturing receivable arising from commercial supplies, is made on a definitive basis, in compliance with the international accounting standards.
For assignments relating to Public Administrations, the Assignor must be in order with payments to the tax authorities and social security institutions.
