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Patience is a virtue, or so we are told as children by our parents. Bermuda has been patient when it comes to the Convention on International Interests in Mobile Equipment and the associated Aircraft Equipment Protocol (known together as ‘The Cape Town Convention’). Our domestic legislation, the Bermuda International Interests in Mobile Equipment (Cape Town Convention) Act, 2016 has been in effect since early August 2016 and all of our declarations (including adoption of Alternative A) submitted to the UK government shortly thereafter. We have been waiting patiently since and are pleased that UNIDROIT has now confirmed that The Cape Town Convention will take effect in Bermuda on 1 January, 2018. Perhaps our parents were right – Bermuda was already a leading jurisdiction for aviation financing and aviation asset backed securitizations. This is due to its sophisticated infrastructure, strong legislative structure and respected Civil Aviation Authority (with approximately 800 aircraft on the Bermuda Aircraft Register). Being a party to The Cape Town Convention will further strengthen this position.
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Cape Town Convention to take effect in Bermuda on 1 January 2018