In Canada, financiers and lessors (creditors) have a variety of
remedies available to them in the event aircraft operators or
lessees (debtors) default on their financing or lease obligations.
Central to these remedies is the ability of the creditors to take
possession, deregister and export the aircraft. Since Canada is a
"contracting state" under the Cape Town Convention on
Mobile Assets and its related Aircraft Protocol (the CTC) and has
lodged the necessary declarations, one such remedy available to
creditors in Canada is an irrevocable deregistration and export
authorization (IDERA).
An IDERA is a standing direction voluntarily issued by the
debtor in favour of the designated creditor lodged with Transport
Canada Aviation (TCA). An IDERA requires TCA to honour a request
for deregistration and export made by its holder if the debtor
defaults on its obligations to the creditor. The purpose of an
IDERA is to remove an aircraft from the debtor's possession as
soon
