Cape Town Convention Takes Effect From 1 November 2015

​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 The current domestic legislation in the Cayman Islands that is designed to replicate such rights and remedies will be repealed.