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First court decision in Canada implementing the insolvency provisions of the Cape Town Convention

This article was updated on Jan. 9, 2020. 

Canada, Aviation, Insolvency & Restructuring, Gowling WLG, Debtor
A banker asked us: Does the Cape Town Convention affect pre-existing rights and interests or their priorities in Canada?

Q: We've heard about the expiration of the “grandfather clause” (in French, clause grand-père) in the Cape Town Convention, whereby pre-existing rights and interests or their priorities in a State before the effective date of the Cape Town Convention in that State shall not be affected by the Cape Town Convention. We would like to know more details about:

1. Which article in the Cape Town Convention prescribes this rule?

2. Is this rule applicable in Canada?

Canada, South Africa, Aviation, Insolvency & Restructuring, Gowling WLG
Aircraft financing: Ratification by Spain of the Cape Town Convention without any declaration with respect to remedies on insolvency (Alternative A or Alternative B of Article XI of the Protocol)

The Convention on International Interests in Mobile Equipment (the “Convention”) and theProtocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment (the “Protocol” collectively with the Convention, the “Cape Town Convention”) signed on November 16, 2001 establish a special regime for the protection of certain interests in aircraft objects (within the meaning given to such term in the Cape Town Convention, an “Aircraft Object”), and

Spain, United Kingdom, Aviation, Insolvency & Restructuring, Gowling WLG