In a May 2 2017 decree the Ministry for Economic Development started the extraordinary administration procedure for Alitalia pursuant to Law 39/2004 and appointed Luigi Gubitosi, Stefano Paleari and Enrico Laghi as commissioners to lead the company throughout the procedure. The main purpose of the extraordinary administration is to implement a recovery plan meant to preserve existing employment levels through the following alternative strategies:
Italian Decree 134/2008, which suspended competition law for crisis buyouts, thereby allowing the merger of Alitalia and Air One, has been called into question following a claim of unconstitutionality brought by consumer association Federconsumatori, Italian airline Meridiana, its subsidiary Eurofly and the province of Milan. The question of whether the Decree potentially violates Article 3 on equal treatment and Article 41 on freedom of economic activity has now been referred to the Italian Constitutional Court.
In 2010 Malta embarked on an ambitious project to introduce the Aircraft Registration Act (the “ARA”) and to accede to the Cape Town Convention and its Aircraft Protocol. A few years later, the growing presence of AOC holders in Malta and the increase in aircraft registered in the National Aircraft Register is testament to the success story of the ARA.
This notwithstanding, there still is and will always be room for improvement, as shown by the recent Act to amend the ARA which became law in October 20161. The improvements affect four broad categories:
Mexicana Airlines has reported that it has filed for bankruptcy protection in Mexico and will seek to reorganize. What does this mean for aircraft lessors and other creditors of Mexicana Airlines?
The Mexican Business Reorganization Act
On August 28, 2010, Compañía Mexicana de Aviación (“Mexicana”), the third oldest airline in the world and one of the most important airlines in Latin America, stopped flying.
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
The attachment of a debtor's assets is a very convenient tool for securing the recovery of an outstanding claim. Besides conventional assets, such as bank accounts or real estate, the creditor may also consider attaching more exotic items owned by the debtor: luxury cars, artworks or, why not, a private jet. We set out below the key requirements and certain practical aspects to consider when seeking the attachment of an aircraft located in Switzerland.
The requirements for attaching an aircraft: two different routes
48 IFLR/May 2015 www.iflr.com The collapse in 2001 of Switzerland’s national airline Swissair, until then regarded as a symbol of the country’s reliability and efficiency, sparked a debate over the need to amend Swiss insolvency laws. Criticism was raised that the Swiss Debt Enforcement and Bankruptcy Law (DEBL) had proven ineffective in facilitating the restructuring of companies in distress and was not adequate to deal with the insolvencies of large groups of companies.
For aircraft leasing companies, having to repossess an aircraft from an airline that misses its rental payments is usually an option of last resort. The repossession process in Thailand can be time-consuming and costly, and often precludes future earnings. However, as a number of Thai airlines have defaulted on their payments over recent years, lessors have been left with no choice but to seek recovery of their valuable assets. This article provides an overview of the practical and legal considerations of aircraft repossession in Thailand.
The Zurich High Court,(1) as court of second instance, recently dismissed a liability claim, to the amount of €150 million, initiated by the liquidator of Swissair against former members of Swissair's board of directors.