The Cape Town Convention on International Interests in Mobile Equipment (CTC) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (the Protocol, and together with the CTC, the Convention) came into force on 1 March, 2006. The Convention facilitates aircraft finance transactions by providing a regularized electronic international registry of “international interests” over moveable property (the International Registry), such International Registry being recognized in all Contracting States (being countries which have implemented the Convention). Following registration on the International Registry, if and as required, the Convention provides a framework for dispute management as well as remedies and relief available to creditors.

The UK government has announced, in its Response to its 2010 Call for Evidence, that it is committed to ratifying the Convention. Thereafter, the proposed extension by the UK to overseas territories such as Bermuda, means that the Convention may come into force in Bermuda as early as late 2015. There are a number of steps to be taken before the Convention can be implemented as part of Bermuda law and representatives from both the public and private sector in Bermuda involved with aircraft registration and finance have been working towards the anticipated implementation in order to ensure the alignment of relevant domestic law with the Convention.

Read More

Share
Twitter LinkedIn Email Save as PDF
More Publications
24 Jan 2020 |

Innovative new products will drive ILS growth this year, predicts Adderley

This year will see a return to growth for the ILS market, with a range of new products helping clien...

21 Jan 2020 |

Bermuda Law & Practice

First Published in Chambers Insurance & Reinsurance 2020 Guide

16 Jan 2020 |

Pensions landscape to shift significantly

Sweeping changes to Bermuda’s pensions regime are underway that could result in private-sector emp...

7 Jan 2020 |

Arbitration of employment disputes: what employers and employees need to know

Arbitration is a form of alternative dispute resolution whereby parties forgo their right to sue in ...

16 Dec 2019 |

Americas Restructuring Review 2020

This chapter discusses the defining features of Bermuda’s insolvency landscape and the primary ins...

10 Dec 2019 |

The Insolvency Review – Seventh Edition

The seventh edition of The Insolvency Review  offers an in-depth review of market conditions and in...

5 Dec 2019 |

BMA forms view on cannabis related risk

The Bermuda Monetary Authority has confirmed that it will not object to BMA-supervised entities cond...

2 Dec 2019 |

Implications of the Privy Council’s decision in the ‘belonger’ case

Bermuda’s final appeals court has handed down its decision in a long-running case which had the po...

21 Nov 2019 |

BMA releases guidance on outsourcing

For many companies, outsourcing is essential in allowing them to cost effectively and efficiently pr...

15 Nov 2019 |

New Family leave rights on horizon

Working families will benefit from more generous leave entitlements in the New Year. When it comes i...