Effective November 2015, the Cayman Islands adopted the
Cape Town Convention and the related Protocol (together, the
Convention) through the coming into force of the
International Interests In Mobile Equipment (Cape Town Convention)
Law, 2015 (Law).
As a result, the Cayman Islands is entitled to recognition as a
territorial unit of a state that is a party to the Convention
(Contracting State) via declarations deposited by
the United Kingdom on behalf of itself and the Cayman Islands with
the International Institute for the Unification of Private Law
– UNIDROIT. The Convention is an international legal
framework (recognised in all Contracting States) that operates
independently of domestic laws. It enables interested parties to
protect and recover their assets with greater certainty and ease.
The Convention's adoption by the Cayman Islands will allow
affected Cayman companies, owners of Cayman-registered aircraft and
their lenders to protect their financial interests in any relevant
aircraft assets in accordance with the Convention by way of
registration of that interest on the international registry
In accordance with the Convention, an international interest may
be registered on the IR if either (a) the aircraft is in a
registered Contracting State or (b) the debtor is situated in a
Contracting State. Therefore, the interests of a Cayman Islands
entity under applicable transaction documentation or a Cayman
registered aircraft can be registered as an international interest
on the IR.
Appleby provides comprehensive advice and transactional support
on aircraft finance transactions from the Cayman perspective and
has extensive experience with aircraft registrations, finance and
related matters. As a member of the Cape Town Convention Working
Group, Appleby has been involved in all matters concerning the
implementation of the Convention and ancillary legislative matters
and continues to work closely with the Government. We can also
recommend and work closely with preferred specialised Cape Town
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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