CAYMAN ISLANDS Law and Practice Contributed by: Sarah Humpleby, Alexandra Franklin, Peter Kendall and Sam Hall, Walkers
conveyed to the CAACI within 28 days of the change, in accordance with the ANOTO. There are no specific formalities except that the CAACI will ask for a document in a language other than Eng - lish to be accompanied by an English translation. No government applications or consents are prerequi - site to the execution and delivery of an aircraft and/or engine lease assignment and assumption/novation in relation to an aircraft registered domestically. 2.7.5 Taxes/Duties Payable on Assignment/ Novation See 1.1.1 Taxes/Duties Payable Upon Execution of the Sales Agreement . 2.7.6 Recognition of Transfer of Ownership Interests It is assumed that if legal title to the aircraft remained with the same entity, there would be no intention to novate/assign the lease even if the beneficial owner - ship of the aircraft were transferred to another party. It should be noted, however, that any change in owner - ship particulars previously notified to the CAACI for Cayman Islands-registered aircraft should be notified to the CAACI within 28 days of any such change (see also 1.2.1 Transferring Title and 2.7.4 Filing/Registra- tion of Lease Assignments/Novations ). 2.8 Aircraft Deregistration and Export 2.8.1 Deregistering Aircraft in This Jurisdiction When an irrevocable deregistration and export request authorisation (“IDERA”) is recorded with the CAACI in respect of an aircraft registered on the Aircraft Reg - ister, Article 18 (5) of the ANOTO provides that the CAACI must cancel the registration of the aircraft as soon as reasonably practicable if satisfied that a per - son wishes and is entitled under the laws of the Cay- man Islands to procure deregistration of the aircraft in accordance with Article IX of the Protocol of the Cape Town Convention (the ”Protocol”). When no IDERA is recorded with the CAACI in respect of an aircraft registered on the Aircraft Register, the CAACI is expected to follow its customary approach prior to 1 November 2015; namely, that any applica - tion to deregister an aircraft should be made by the
registered owner of that aircraft. It should be noted that an application to deregister the aircraft can be made in the name of the owner by a person appointed as its attorney-in-fact, pursuant to a deregistration power of attorney given by the owner. All persons who have registered vested interests in the aircraft should provide written consent to any such deregistration to the CAACI. These registered interests include, without limitation, those of: • the beneficial owner of that aircraft (if other than the registered owner); • any lessor of that aircraft (if other than the benefi - cial or registered owner); and • any mortgagee if there is an entry with respect to the aircraft on the mortgage register maintained by the CAACI (the “Mortgage Register”). The CAACI does not require the consent of the opera - tor of an aircraft (in its capacity as operator) for the deregistration of an aircraft. 2.8.2 Lessee’s/Operator’s Consent See 2.8.1 Deregistering Aircraft in This Jurisdiction . 2.8.3 Required Documentation In order to deregister an aircraft, the CAACI must receive: • written instructions from the registered aircraft owner or their agent (whose authority is evidenced by a notarised power of attorney); • evidence of settlement of the aircraft account with the CAACI, including payment of the deregistration fee; • the Certificate of Registration with Section III signed by the owner of the aircraft, together with evidence of the signing authority of the relevant person signing (Section III should not be dated until the proposed day of deregistration, and the CAACI will not deregister the aircraft until the final instruction is received from the owner or authorised person); • instructions from the lessor of a “charterer by demise” registered aircraft or holder of an IDERA over the aircraft on the termination of the current
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