International Interests in Aircraft Equipment Act 2009

In this Act, unless the context otherwise requires —

“agreement” has the meaning given by Article 1(a) of the Convention;

“aircraft objects” has the meaning given by Article I(2)(c) of the Protocol;

“commencement of insolvency proceedings” means —

“Convention” means the Convention on International Interests in Mobile Equipment signed at Cape Town on 16 November 2001, the text of which is set out in the First Schedule;

“creditor” has the meaning given by Article 1(i) of the Convention;

“debtor” has the meaning given by Article 1(j) of the Convention;

“declaration” means a declaration or designation made by Singapore under the Convention or Protocol;

“insolvency administrator” means —

“insolvency proceedings” means —

“international interest” has the meaning given by Article 1(o) of the Convention;

“Protocol” means the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment signed at Cape Town on 16 November 2001, the text of which is set out in the Second Schedule;

“registered” has the meaning given by Article 1(bb) of the Convention.

Unless a contrary intention appears, words and expressions used in this Act have the meanings given by the Convention and Protocol.

Subject to the provisions of this Act, the Convention and Protocol, to the extent that they apply —

If a provision of this Act, including a provision given force of law by this section, is inconsistent with any other law, the provision prevails over the other law to the extent of the inconsistency.

In interpreting the Convention and the Protocol, recourse may be had to —

This section gives effect to Article XI of the Protocol to the extent that it applies to Singapore as described in the declarations.

This section applies in relation to an agreement where —

Subject to subsection (4), where any insolvency proceedings have commenced against the debtor of an agreement and the aircraft object is in Singapore, the debtor or (if the insolvency administrator of the debtor has custody of the aircraft object) the insolvency administrator of the debtor must, no later than the date referred to in subsection (14), give an opportunity to the creditor to take possession of the aircraft object.

The insolvency administrator of the debtor or the debtor (as the case may be) may retain possession of the aircraft object where, on or before the date referred to in subsection (14) —

Where the insolvency administrator of the debtor or the debtor fails to perform all future obligations of the debtor as agreed under subsection (4)(a), the creditor may immediately exercise the creditor’s right to take possession of the aircraft object.

Unless and until the creditor is given the opportunity by the insolvency administrator of the debtor or the debtor (as the case may be) to exercise the creditor’s right to take possession of the aircraft object under subsection (3) —

For the purposes of subsection (6)(a), the insolvency administrator of the debtor or the debtor may use the aircraft object under arrangements designed to preserve it and its value.

The insolvency administrator of the debtor is to be indemnified by the creditor for all reasonable costs incurred in complying with subsection (6)(a).

The right of the creditor to exercise any remedies under the Convention or Protocol after the date referred to in subsection (14) is not limited or otherwise affected by any other law.

No obligation of the debtor under the agreement may be modified under the relevant insolvency law except with the creditor’s consent.

Subsection (10) does not affect the right of the insolvency administrator of the debtor to terminate the agreement under the relevant insolvency law.

In this section, “insolvency law” means a provision of Part 7 of the Companies Act 1967, or Part 5, 7, 8, 9, 10, 11, 14 or 16 of the Insolvency, Restructuring and Dissolution Act 2018.

Subsections (3) to (8) do not apply to the insolvency administrator of the debtor if the insolvency administrator is appointed on or after the date referred to in subsection (14).

The date referred to in subsections (3), (4), (9) and (13) is the earlier of —

No rights or interests, except for non-consensual rights or interests of a category covered by a declaration pursuant to Article 39(1) of the Convention, have priority in insolvency proceedings over registered interests.

The Convention as modified by Article IX of the Protocol applies to the exercise of any remedies under this section.

The Minister may make such regulations as are necessary or expedient for carrying out the purposes of this Act.

Any regulations made under subsection (1) must be presented to Parliament as soon as possible after publication in the Gazette.