Further to our previous
update of 15 May 2015 we are pleased to announce that the
UK government has deposited instruments of ratification to the
Convention on International Interests in Mobile Equipment and the
Protocol (the "Protocol") to the
Convention on International Interests in Mobile Equipment on
matters specific to aircraft equipment (which was concluded at Cape
Town, South Africa on 16 November 2001) (together, the
with UNIDROIT on 27 July 2015. The Cape Town Convention will
enter into force for the UK, and by extension the Cayman Islands,
on 1 November 2015.
The Cayman Islands government has been preparing for the
extension of the Cape Town Convention by passing enabling
legislation entitling the Cayman Islands to international
recognition as a territorial unit of a contracting state to the
Cape Town Convention and to recognition of the declarations
deposited by the UK government on behalf of the Cayman Islands
government with the International Institute for the Unification of
Private Law acting as depository pursuant to Article 62(1) of the
Cape Town Convention and Article XXXVII(1) of the Protocol –
As extended to the Cayman Islands, the Cape Town Convention will
meet the requirements for the Cayman Islands to have made
qualifying declarations as defined in the OECD Aircraft Sector
"This is a long awaited positive development and gives
financiers and development banks extra comfort that security
granted by Cayman companies over aircraft will benefit from the
Cape Town Convention protections," said Mark Western, Global
Head of Asset Finance at Maples and Calder.
"We have been pleased to advise leasing companies, airlines
and banks from our offices around the globe on building
innovative structures to help them meet their aircraft funding
requirements, with MaplesFS providing corporate administration and
independent directors to on and off balance sheet special purpose
vehicles used in those structures. This will certainly give
airlines, leasing companies and financiers extra comfort in
successfully structuring transactions using Cayman entities where
it is helpful."
In addition, as stated in our previous update, MaplesFS Dublin,
working with all offices of Maples and Calder globally, is
authorised as a Professional User Entity (PUE) on the International
Registry of Mobile Assets and provides Cape Town Convention
services to both Irish and non-Irish incorporated entities, even
where MaplesFS Dublin is not directly involved in the
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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