Almost two years since the Consultation Document was published, the long-anticipated Bill amending the Aircraft Registration Act has finally been published. The Bill contains a number of amendments to the principal Act which are designed to continue improving our strong presence in the aviation sector.
Amongst other amendments to the principal Act are the following:
- Introduction of specific insolvency proceedings for Maltese companies, and whose only assets are aircraft, aircraft engine and other related assets;
- Clarifying the apportionment of excess funds held by the mortgagee when such mortgagee has exercised his default remedies under the Act;
- Introduction of a set-off procedure amongst financing parties in a situation of defaults for the relevant secured obligation;
- Introduction of a definition of the phrase ‘default’ which is to apply when the mortgagor and the mortgagee have not stipulated the events which are to constitute default in the mortgage agreement;
- Clarification of the ranking of rights under foreign law not falling within the purviews of the Cape Town Convention
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