CAYMAN ISLANDS Law and Practice Contributed by: Sarah Humpleby, Alexandra Franklin, Peter Kendall and Sam Hall, Walkers
4. Other Issues of Note 4.1 Issues Relevant to Domestic Purchase, Sale, Lease or Debt Finance of Aircraft The Air Navigation (Overseas Territories) (Amend - ment) Order 2024 (UKSI 2024 No 384) (the “2024 Amendment Order”) – which amends the Air Naviga - tion (Overseas Territories) Order 2013 (as amended) (the ”2013 Order”) – and the Air Navigation (Overseas Territories) (Environmental Standards) Order 2024 (UKSI 2024 No 378) (the “2024 Environmental Order”, together with the 2024 Amendment Order, the ”New Orders”) – which revokes and replaces the Air Naviga - tion (Overseas Territories) (Environmental Standards) Order 2014 (as amended) – came into force on 10 April 2024. Both of the New Orders apply to various over - seas territories, including the Cayman Islands. It is not expected that the amendments will have a material impact on the matters set out in this chapter. There are no other material issues and/or court judg - ments relevant to issues discussed here. 4.2 Current Legislative Proposals No current proposals before the legislature would alter the issues discussed here.
comply with any restrictions or provisions appli - cable to the granting of security over any such Cayman Relevant Collateral or the transfer thereof, whether arising under Cayman Islands law gener - ally or pursuant to specific documentation relating to that Cayman Relevant Collateral, may invalidate any purported security interest intended to be granted under the Security Document, invalidate any purported transfer of the Cayman Relevant Collateral intended to be effected pursuant to the Security Document or impede any future transfer of these upon enforcement of any security interest effectively or purportedly granted under the Secu - rity Document. • Entry of particulars of a mortgage or charge on the ROMC of a Cayman Islands company may not of itself give that mortgage or charge priority in rank - ing over any mortgage, charge or lien existing prior to its creation. • As a matter of Cayman Islands law as to the priority of competing claims in respect of security interests, the interests of the beneficiary of any security interest created pursuant to any Security Document will, subject to certain exceptions: (a) whether legal or equitable, rank after any prior legal or perfected equitable interest in the Rel - evant Collateral; and (b) if merely equitable, rank after any prior equita - ble interest and after any later legal interest in the Relevant Collateral created in favour of a bona fide purchaser for value, each such per - son having no notice of the security interests created pursuant to the Security Documents.
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