Aviation and Ireland enjoy a long and deep-rooted history. GPA set up one of the world’s first aircraft leasing platforms in 1975 and since that time, Ireland’s aviation offering has seen considerable growth. Today, Ireland is the global centre for aviation finance and aircraft leasing.
An Irish-leased aircraft takes off every two seconds.
More than half of the world's leased aircraft are now owned or managed in Ireland.
Fourteen of the world's top fifteen aircraft lessors are based in Ireland.
Ireland has a 65% share of the global leasing market.
Ireland has an excellent double taxation treaty network with a strong focus on cross-border aviation leasing transactions
Why choose Irish Law and Irish lawyers for Aviation Finance?
The advantages of Irish law and the Irish legal system include:
Common Law Legal System: Ireland is the only other English-speaking jurisdiction in the EU that has a common law legal system, with contractual principles relating to moveable property similar to equivalent English law principles. The doctrine of precedent and the principle of freedom of contract are central to the Irish legal system. These principles are key factors for business and the requirement for legal certainty.
Cape Town Convention: Ireland has ratified the Cape Town Convention and has adopted the Alternative A insolvency regime, which gives creditors the right to repossess an aircraft asset after a waiting period of 60 days.
GATS: The Global Aircraft Trading System (“GATS”) is an online platform established to facilitate the trading and financing of aircraft through the use of trusts. Irish law recognises the concept of trusts and one of the chosen laws for the initial GATS trusts is Irish law. It is anticipated that the GATS system will become a widely used method of structuring aircraft ownership in the future.
Deep Talent Pool: Ireland has been one of the key global centres in the aviation finance and leasing business for over 40 years. As a result, there is a large pool of experienced legal advisers in Ireland who are highly regarded internationally and who have extensive experience and expertise in multi-jurisdictional financial transactions.
How will BREXIT impact on Aviation Finance?
The shape of the EU – UK relationship post-Brexit is still unresolved and uncertain. Brexit may however render the choice of English law as governing law and the English courts as a venue for resolving commercial disputes for aviation finance transactions less attractive. There will, for example, be uncertainty as to the regime relating to the enforcement of judgments of the English Courts in other EU jurisdictions. In light of these uncertainties, stakeholders in the aviation finance industry are likely to consider alternative governing law and submission to jurisdiction clauses.