Principles of implementation: a comparative analysis of the Cape Town Convention’s remedies

Thesis

The Cape Town Convention and the Aircraft Protocol came into force on 1st March 2006. To date, the Convention has seventy-four States Parties, the Aircraft Protocol sixty-eight States Parties, and together they can be regarded as one of the most successful recent commercial law treaties. The Convention's overriding object is to offer creditors the highest possible protection in the form of an effective, speedy and strong legal remedial framework for the international enforcement of creditors rights in the event of the debtor’s default or insolvency. The underlying rationale is that this will lead to significant reductions in borrowings costs for lenders to the advantage of all interested stakeholders in the aircraft sector. However, without effective implementation of the remedial system of the Convention and the Aircraft Protocol, it is difficult for financiers to have confidence that they are able to defend their legal rights effectively.

This thesis investigates the structure and contents of the Convention's remedial system in a chronological order, but it does not purport to be a comprehensive and systematic monograph on the Convention's remedies as already done by the Convention's Official Commentary. It consists of four parts each of which investigates a particular core aspect of the implementation and operation of the Convention's remedial system in practice. In particular, it investigates the Convention's declaration system, and its procedural, substantive and insolvency remedies to ensure an effective and comprehensive protection of creditors in aircraft finance. In doing so, it identifies critical lessons for the implementation of the treaty in civil and common law jurisdictions.

Authors: Traschler, T

• Type of award: DPhil
• Level of award: Doctoral
• Awarding institution: University of Oxford
• Language: English
• Keywords: Cape Town Convention; Aircraft Protocol; Comparative Law; Transnational commercial law; International Commercial Law
• Subjects: Aircraft finance; Aircraft Protocol; Convention on International Interests in Mobile Equipment (2001 November 16); Aviation; Aircraft industry; Commercial law