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
18 Aug 2022

Agreements to buy land in Bermuda

The law requires that an agreement for sale and purchase of Bermuda land is in writing. 

4 Aug 2022

PIPA’s Implications For IT Service Contracts

Increasingly, businesses in Bermuda rely on the IT and data-processing services of both domestic and...

21 Jul 2022

Recent Case Clarifies Employer’s Responsibility For Severance Allowance

This article discusses the recent case of C12 Aviation Bermuda Limited v Dr. M. Bradshaw et al [2022...

13 Jul 2022

Novel Cat Bonds on the Horizon

On the back of a robust opening quarter, catastrophe bond issuance remained strong in the second-qua...

8 Jul 2022

Riding the wave

Members of Bermuda’s captive industry talk to Rebecca Delaney about the island’s promising capti...

7 Jul 2022

An LLC may be the right entity for you

Every day, we see clients choosing to incorporate a company limited by shares, often just referred t...

29 Jun 2022

Bermuda’s legal system

Through an elected Bar Council, the Bar Association — in conjunction with the Supreme Court Judici...

29 Jun 2022

Avoid These 3 Common NDA Drafting Mistakes

It is difficult to think of a transaction that doesn’t begin with a confidentiality or non-disclos...

28 Jun 2022

Bermuda: a restructuring destination

Bermuda has an outsized, first-class insurance and financial sector, attracting complex, multination...

Contributors: James Batten
27 Jun 2022

Insurtech ILS and the New Normal

As Bermuda and the global markets with which the Island transacts move towards the so-called  ‘ne...

Contributors: Josephine Noddings