Aviation Finance: Country Q&A Tool

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Financing options

1. What are the main options available for financing the purchase of an aircraft? How are aircraft purchases typically financed?
 
2. What are the issues arising in relation to the various financing options?
 

Registration and deregistration requirements

Registration

3. What is the procedure for registration of an aircraft?
 
4. What is the procedure for registration of aircraft mortgages?
 
5. Can aircraft leases be registered? If so what is the procedure for registration of aircraft leases?
 
6. What is the effect of registration of:
  • An aircraft?

  • An aircraft mortgage?

  • An aircraft lease?

 
7. What is the procedure for obtaining a certificate of airworthiness?

Deregistration

8. What is the effect of deregistration of:
  • An aircraft?

  • An aircraft mortgage?

  • An aircraft lease?

 

Transfer of title

9. How is legal title to an aircraft transferred?
 

Security

Mortgages

10. What are the types of aircraft mortgages available? What are the validity requirements for aircraft mortgages?
 
11. Will a registered mortgage take priority over other mortgages and charges over the aircraft?
 
12. Can spare parts be subject to an aircraft mortgage? If not, are there any other forms of security that can be taken over spare parts?
 

Leases

13. What forms of security can be granted over an aircraft lease?
 

Other forms of security

14. What other forms of security can be taken over an aircraft?
 
15. What other forms of security over an aircraft can be registered?
 

Transfer of security

16. Is it possible to transfer security interests over an aircraft? Are there specific issues of local law when transferring security interests?
 
17. Is a transfer of security subject to registration requirements?
 

Enforcement of security and repossession

Mortgages

18. What are the circumstances in which a mortgagee can take possession of the aircraft and/or sell the aircraft? What requirements must the mortgagee comply with?
 
19. What is the procedure for repossession of the aircraft?
 
20. Will local courts recognise a choice of foreign law in an aircraft mortgage? Are there any mandatory local rules that apply, despite a choice of foreign law?
 
21. Will local courts recognise and enforce a foreign court judgment in favour of a mortgagee?

Other forms of security

22. What is the applicable procedure for repossession of an aircraft under other forms of security interests?

Leases

23. In the event of a default event under an aircraft lease, can the lessor take possession of the aircraft without judicial intervention?
 
24. What is the procedure for taking possession of an aircraft before the expiration of a lease?
 
25. If recovery of the aircraft is contested by the lessee and a court judgment is obtained in favour of the lessor, how long is it likely to take to gain possession of the aircraft?
 
26. Will local courts recognise a foreign court judgment in favour of a lessor?
 

Cape Town Convention

27. Has your country signed and ratified the Convention on International Interests in Mobile Equipment (Cape Town Convention)?
 
28. Has ratification of the Cape Town Convention caused any conflicts or issues with local laws?
 
29. What is the legal position regarding non-consensual rights and interests under Article 39 of the Cape Town Convention?
 
30. Has your country adopted the remedies on insolvency provided under Article XI of the Protocol to the Cape Town Convention?
 
31. What is the procedure to file an irrevocable deregistration and export request authorisation (IDERA)?
 

Reform

32. Are there any proposals for reform in the area of aviation finance?
 
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