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
Employee dismissed for demanding bonus and saying that employer ‘could fire him’, not for raising safety concerns, court decides
An employee’s demand for a bonus and assertion that his employment relationship would not be ‘fruitful’ and that his employer could fire him was the reason for his dismissal.
The US Treasury Department takes its ‘initial step in addressing inversions’ by issuing Notice 2014-52.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The continent’s boom in natural resources and renewable energy is sparking an infrastructure drive