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Its legislature having passed the enabling legislation, the Cayman Islands is poised to have The Convention on International Interests in Mobile Equipment and the associated Protocol to the Convention on International Interests in Mobile Equipment on matters specific to aircraft equipment (together known as the “Convention”) come into force in the jurisdiction as early as August, 2015 – an event long sought after by Cayman Islands aviation finance attorneys.
The UK was among the original parties who signed the Convention in November, 2001 in Cape Town, South Africa. Although the Aircraft Protocol came into force in 2006, and had been ratified by many of its original signatories, it was not until 2014 that the UK Government took the policy decision to ratify the Convention. Due to its constitutional status as a British overseas territory, the Convention could directly apply to the Cayman Islands only following ratification of the Convention by the UK and extension to the Cayman Islands at its request.
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Extension of the Cape Town Convention to the Cayman Islands and its Implications for Aircraft Financing