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Detail of outcome
The government has carefully considered the views of the respondents to the call for evidence and has decided to proceed with ratification of the ‘Convention on International Interests in Mobile Equipment and the Protocol thereto on Matters Specific to Aircraft Equipment’. The next steps will be a consultation on the various options for implementing the treaty.
Detail of feedback received
The majority of respondents to the call for evidence were in favour of the UK ratifying the Convention on International Interests in Mobile Equipment (the ‘Convention’) and the Protocol thereto on Matters Specific to Aircraft Equipment (the ‘Protocol’) as it relates to aircraft equipment (‘the treaty’).
The Convention and Protocol are 2 separate but complementary instruments which aim to support asset based financing by giving greater certainty, clarity and confidence to financiers of mobile equipment as to the efficacy of their legal rights, resulting in increased flows of capital at lower costs to the borrower, and business opportunities for equipment suppliers. Following recent accession by the EU to the Convention and Protocol we are now seeking evidence on whether the UK should move towards ratification.