The legislative ‘black hole’ in aircraft creditors’ rights in Canada: pre-Cape Town Convention interests
The entry of the Cape Town Convention into force under Canadian law is a positive step, but has led to a legislative ‘black hole’ in the protection provided to certain aviation creditors, bringing with it considerable uncertainty and potentially expensive ramifications.
On 1 April 2013, the Cape Town Convention (CTC) was ratified into Canadian law, making it necessary to register Canadian security interests in ‘aircraft objects’ at the International Registry of Mobile Assets (IR) from that date forward. Prior to its ratification and entry into force, aircraft leasing and financing agreements with Canadian air carriers were registered provincially under the applicable Personal Property Security Act (PPSA) registry regimes.
The CTC has not eliminated the importance of these registries, but operates at the international level to provide a uniform and comprehensive framework for the determination of rights in aircraft objects. It also provides a standardised set of legal remedies for defaults under leasing, conditional sales and security agreements, including those concerning repossession and those that have an impact on the ownership and possession rights of aircraft objects in an insolvency context…
Click on the link below to read the rest of the Dentons briefing.
News from Dentons
News from The Lawyer
Briefings from Dentons
The UK government has published application criteria and terms for the 14th onshore oil and gas licensing round, accompanied by new guidance.
Calculations on ISDA close-out: Lehman Brothers Finance SA (in liquidation) v Sal Oppenheim jr & cie KGAA
This case provides further guidance in relation to how payment on early termination of a 1992 ISDA Master Agreement should be calculated where automatic early termination applies.
Analysis from The Lawyer
The continent’s boom in natural resources and renewable energy is sparking an infrastructure drive
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.