In our advisory earlier this year we gave an update on our work with the Cayman Islands government to implement the Cape Town Convention. We are now pleased to announce that the Convention is due to come into force in the Cayman Islands on 1 November 2015 at the same time as the Convention takes effect in the UK. This follows the deposit at UNIDROIT by the UK of signed instruments of ratification (which extend the treaty to the United Kingdom, the Cayman Islands, Gibraltar and Guernsey) on 27 July 2015. When the Convention takes effect the rights and remedies it provides will be available to the creditors of Cayman Islands entities that participate in aircraft finance structures. The current domestic legislation in the Cayman Islands that is designed to replicate such rights and remedies will be repealed.
As a member of the Cape Town Convention Working Group Walkers will continue to play a leading role assisting the government with the entry into force of the Convention in the Cayman Islands. In the coming months we will also work closely with the government and the Civil Aviation Authority to evaluate proposed revisions concerning the registration of mortgages over Cayman registered aircraft that were identified by the Working Group as part of the Convention project.
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