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Further to our April 2015 update (click here for link), we are pleased to announce that 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 (collectively, the “Cape Town Convention”) will come into effect in the Cayman Islands on 1 November 2015, in line with its entry into force in the United Kingdom on the same date. The Cape Town Convention, as extended to the Cayman Islands, will meet the requirements for the Cayman Islands to have made the requisite qualifying declarations under the OECD Aircraft Sector Understanding. We, at Conyers Dill & Pearman, have been, and will continue to be, an integral part of the Cape Town Working Group formed by the Cayman Islands Government to bring about the implementation of the Cape Town Convention in the Cayman Islands, and we anticipate that this significant and long-awaited development will be greatly welcomed by the global aircraft finance community.
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Update: Cape Town Convention extended to the Cayman Islands