When a Special Purpose Vehicle (also called Special Purpose Company) is resorted to, any party entering into a contractual relationship with the said SPV (E.g. a trustee or other service provider) irrevocably undertakes not to initiate any Bankruptcy proceeding against the SPV. This is an essential step in achieving a Bankruptcy-remoteness status for the SPV.

(See Chapter 46 Mergers and Demergers of the Vernimmen)

To know more about it, look at what we have already written on this subject