ISRAEL Law and Practice Contributed by: Charles Gottlieb and Osnat Issan, Gottlieb Gera & Co Advocates
trar (or any other relevant governmental body) would recognise a deregistration power of attorney in such circumstances. 2.8.8 Documents Required to Enforce Deregistration Power of Attorney To enforce a deregistration power of attorney, proof may be required as to the underlying authorities grant - ing such power of attorney, and proof that the persons granting such power of attorney had the authority to do so under the relevant corporate documentation. 2.8.9 Choice of Laws Governing Deregistration Power of Attorney A deregistration power of attorney does not have to be governed by the laws of the State of Israel. However, it should be notarised and if executed outside Israel, it may be subject to additional requirements, which include apostillisation. 2.8.10 Revocation of a Deregistration Power of Attorney A grantor will generally be unable to revoke a dereg - istration power of attorney that is deemed to be irrevocable. In extreme circumstances such as fraud, the court may order the revocation of an irrevocable power of attorney. 2.8.11 Owner’s/Lessor’s Consent An aircraft owner that has lawfully taken possession of an aircraft, in accordance with the steps set out in 2.6.2 Lessor Taking Possession of the Aircraft , may seek to deregister the aircraft from the Registry, which will generally allow such deregistration to the extent that the steps set out in 2.8.4 Duration of Deregistra- tion Process are adhered to and no pledges, charges or attachments exist over the aircraft. Typically, the export of the aircraft outside Israel is done by the les - see, being an Israeli entity and named as the importer of the aircraft into Israel. The authors are not familiar with an export process that was successfully per - formed without the lessee’s consent and co-opera - tion, based solely upon a power of attorney from the lessee. Practically, an aircraft mortgagee or lessor who is not the owner of the aircraft will generally not be able to deregister the aircraft from the Registry without
obtaining the consent of the owner through a valid deregistration power of attorney or a court order. 2.8.12 Aircraft Export Permits/Licences For the exportation of aircraft from Israel, certain documentation should be submitted to the customs authority prior to the exportation. Following the expor - tation of the aircraft from Israel, an export declaration is issued by the customs authority. Additionally, to deregister the aircraft from Israel for its registration in another jurisdiction, an export certificate of airworthi - ness should be issued by the Civil Aviation Authority of Israel. 2.8.13 Costs, Fees and Taxes Concerning Export of Aircraft No significant costs, fees or taxes are charged in respect of the export of an aircraft. 2.8.14 Practical Issues Related to Deregistration of Aircraft Please see 2.8.9 Choice of Laws Governing Dereg- istration Power of Attorney and 2.8.11 Owner’s/Les- sor’s Consent . 2.9 Insolvency Proceedings 2.9.1 Overview of Relevant Laws and Statutory Regimes Governing Restructurings, Reorganisations, Insolvencies and Liquidations The Insolvency Law, together with the Execution Law 1967 and the regulations promulgated under each such law, provide for a legal framework pursuant to which lessees domiciled in Israel may enter into com - position with creditors, economic rehabilitation oper - ated by an insolvency trustee, or liquidation. 2.9.2 Overview of Relevant Types of Voluntary and Involuntary Restructurings, Reorganisations, Insolvencies and Receivership Composition with Creditors A lessee domiciled in Israel may apply to the court for a stay of proceedings in order to enter into a set - tlement with its creditors. The court will generally approve a stay of proceedings if the continued opera - tion of the lessee is unlikely to harm its creditors, the lessee is able to finance the expenses of its operation during the stay of proceedings, and there is no real concern that the lessee is acting to defraud its credi -
321 CHAMBERS.COM
Powered by FlippingBook