S.I. No. 187/2017 - Mobile Equipment (Cape Town Convention) (Aircraft Protocol) Order 2017.

1. This Order may be cited as the International Interests in Mobile Equipment (Cape Town Convention) (Aircraft Protocol) Order 2017.

2. (1) The Aircraft Protocol shall have force of law in the State as provided for under

section 4

of the

International Interests in Mobile Equipment (Cape Town Convention) Act 2005

(No. 15 of 2005) as if the entirety of Alternative A in Article XI of the Aircraft Protocol were in force as respects the State and applied to insolvency proceedings.

(2) The waiting period required under Article XI of the Protocol is 60 days.

GIVEN under the official seal of the Government.

2 May 2017.

ENDA KENNY,

Taoiseach.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Order now gives effect to the “Alternative A” insolvency provisions of the Cape Town Convention and Aircraft Protocol. The provisions are designed as a special measure to apply to the financing and leasing of high-value mobile aircraft assets, typically airframes and aircraft engines.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

12

th May

, 2017.

The Government, in exercise of the powers conferred on them by section 5(2A) (inserted by

section 53

of the

State Airports (Shannon Group) Act 2014

(No. 27 of 2014) of the

International Interests in Mobile Equipment (Cape Town Convention) Act 2005

(No. 15 of 2005)), hereby make the following order