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Welcome /  Blog /  2015-11-doc12 UK ratifies Cape Town Convention

2015-11-doc12 UK ratifies Cape Town Convention

The Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment entered into force in the United Kingdom on 1 November 2015. The Convention on International Interests in Mobile Equipment, concluded in Cape Town in 2001 (‘Cape Town Convention’) was a response to the unwelcome situation that interests in mobile equipment of high unit value regularly crossed national boundaries and were exposed to the risk and uncertainty created by differences in national laws governing security and related interests. The Convention provides an international legal regime for the creation, perfection and priority of security, title retention and leasing interests in ultra-expensive mobile assets (aircraft equipment, railway rolling stock and space assets). It is underpinned by an International Registry for each protocol covering a specific type of mobile equipment. The Convention entered into force on 1 March 2006. Besides the Convention, there are protocols on specific categories of equipment. Protocols have been adopted on Aircraft Equipment (2006), Railway Rolling Stock (2007), and Space Assets (2012). The Cape Town Convention is now in force in 68 contracting states. The great benefit fot the finance industry include the ability to register their security documents against the aircraft on the International Registry and also increased remedies on a default to assist with repossession of an aircraft. For the specific details of the Declaration that the UK has made, see http://www.jdsupra.com/legalnews/uk-ratification-of-the-cape-town-32142/. More on the Cape Town Convention, see p. 10 and onwards in the book announced yesterday, see http://bobwessels.nl/2015/11/2015-11-doc11-2nd-edition-of-cross-border-insolvency-law-international-instruments-and-commentary/