Aircraft Repossession and Enforcement: Practical Aspects

Default and distress scenarios have assumed major proportions in both the experiences and the anxieties of aircraft owners, financiers and operators. The current state of the aviation market is leading to an increase in defaults, workouts and repossessions. In addition, a default event may occur for many other reasons than the obvious non-payment of lease rentals or lapses in insurance, licences, authorizations or registrations. A third party may claim an unexpected lien; unanticipated navigation charges may suddenly appear; a plane may become inadvertently involved in a fleet detention; interpretations of documentation may differ among jurisdictions—the possibilities are literally endless. No contract or repossession insurance policy can list all the contingencies.

Designed as a detailed practical guide to the management of aircraft during default periods and their repossession, this very useful book is also of great value as a preventive guide in the drafting of aircraft lease and financing contracts. Local aviation law experts from 32 jurisdictions worldwide provide in-depth responses, country by country, to an extremely detailed questionnaire that includes eighty ‘real-life’ questions covering such categories as the following:

self-help procedures
court proceedings
arbitration and other non-court proceedings
money claims
bankruptcy
non-consensual liens
rights and security interests in aircraft
deregistration powers of attorney
export permit issues