Activity on the Web-based International Registry (IR) of Mobile Assets has been high since it opened for business on March 1, according to Aviareto of Dublin, Ireland, which operates it. But business-aviation users of the IR–variously known as Cape Town, the Cape Town Treaty and the Cape Town Convention–say its benefits are neither altogether clear nor widely accepted. “The International Registry was developed for the airlines and someone late in the game realized that there wouldn’t be enough transactions to pay for it, so business aviation was tagged with the bill,” said David Davis, of 1st Source Bank in South Bend, Ind. “The concept of a truly international registry in all countries to protect lenders’ rights on aircraft is a great concept and one to embrace, but that isn’t what we’ve got here.” Aircraft “objects” qualifying for international registration include airplanes carrying eight or more people, including crew (or goods in excess of 6,050 pounds), helicopters (five or more people, including crew; or goods in excess of 990 pounds) and jet engines (1,750 pounds thrust or more).
Int’l Acft Registry Working, But Few Bizav Fans
- November 15, 2006, 11:54 AM