Icelandic Parliament authorizes the ratification of the Cape Town Convention

Icelandic Parliament authorizes the ratification of the Cape Town Convention

LOGOS is pleased to brief you that by a legislative act No. 74 of 25 June 2019 the Icelandic Parliament authorized the ratification by the Government of Iceland of the Convention on International Interests in Mobile Equipment (“Cape Town Convention”) and the Protocol on Matters Specific to Aircraft Equipment (“Aircraft Protocol”).

The Act provides that the Cape Town Convention and the Aircraft Protocol shall have the force of law in Iceland subject to certain adaptations listed in the Act which reflect the various declarations to be lodged by Iceland.

Generally, the implementation act appears to ensure that the Convention will prevail if ever in conflict with national law. In order to avoid conflict with existing legislation, the act on the implementation of the Convention amends certain other acts with the stipulation that the act on the Cape Town Convention shall take precedence over such pre-existing acts.

Iceland makes the Alternative A-declaration with a waiting period of 60 days, the IDERA-declaration and the leave-of-court declaration. Iceland further makes a declaration on the choice of law and insolvency assistance as well as speedy relief pending final determination with a time period of 10 and 30 days depending on the remedies in question.

The Act further contains provisions on registrable and non-registrable non-consensual interests and the requirements for them taking precedence over registered international interests.

Please do not hesitate to contact Erlendur Gislason Partner in order to obtain more detailed information on Act No. 74 of 25 June 2019, the declarations to be lodged by Iceland and Iceland’s ratification of the Cape Town Convention and the Aircraft Protocol.