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Cape Town Convention: the Cayman approach
01 February 2006
For the UK overseas territories, ratifying the Cape Town Convention is dependent on the UK government, but the Cayman Islands administration is able to implement the provision of the conventions domestically. Mark Western, partner at Maples and Calder, discusses the implications.
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Mark Western; Cape Town Agreement; Maples and Calder;aircraft financing
With the eighth ratification of The Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment having been made by Malaysia on November 2, 2005, the Cape Town Convention will come into effect on March 1, 2006.
For constitutional reasons relating to its status as one of the 14 overseas territories of the UK, the convention can only apply to the Cayman Islands by extension by the UK at Cayman's request, once the UK has signed up to the convention (which it has) and ratified it (which it has not).
However, Cayman can implement the provisions of the Cape Town Convention by domestic legislation, and the Cayman Islands government has decided to do so in order to update its regime to remain attractive to structures using Cayman Islands' exempted companies as holders of title on a bankruptcy remote basis. The government also has the...
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