Linie 9
in service - 1 year
Posts: 2,761
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Post by Linie 9 on Oct 25, 2013 17:31:02 GMT 1
She's flying very fast!
1085 km/h
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UK380
First Flight
Posts: 788
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Post by UK380 on Oct 25, 2013 17:45:33 GMT 1
This may have been covered before, any aircraft that is mortgaged to a UK bank must be located in the UK at the time the financial transaction takes place. "Located in the UK" is understood to be located in UK airspace by UK law. all the legal and financial team will be located in a room in the UK waiting for the aircraft to enter UK airspace. as soon as it enters the airspace an ACARS message will be sent showing its position and the signing can start, once the signing of the documents is complete another ACARS message is sent showing its actual position and it can set course for home. Seems like quite a waste of resources in this time and age. Maybe time for the British to reduce the bureaucracy? not at all, this never used to be the case but there was a disputed mortgage that ended up in court, it was determined that the mortgage was invalid as the aircraft was not located in the UK at the time of the transaction. ever since then all aircraft have been routed through the UK. the below links detail the case if you want to read them xxiv.co.uk/news/item/14089www.nortonrosefulbright.com/knowledge/publications/27978/judicial-clarification-of-the-choice-of-law-rules-for-aircraft-mortgages-how-a-mortgage-may-be-effective-in-one-jurisdiction-but-ineffective-in-another |
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AOIspotter
Final Assembly Line stage 2
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Posts: 380
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Post by AOIspotter on Oct 25, 2013 18:34:42 GMT 1
This may have been covered before, any aircraft that is mortgaged to a UK bank must be located in the UK at the time the financial transaction takes place. "Located in the UK" is understood to be located in UK airspace by UK law. all the legal and financial team will be located in a room in the UK waiting for the aircraft to enter UK airspace. as soon as it enters the airspace an ACARS message will be sent showing its position and the signing can start, once the signing of the documents is complete another ACARS message is sent showing its actual position and it can set course for home. OMG... I tought italian bureocracy had no rivals! Thank you UK380 for your description.. Regards AOIspotter  |
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Post by FabienA380 on Oct 25, 2013 20:33:25 GMT 1
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Post by addasih on Oct 25, 2013 21:53:16 GMT 1
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philidor
in service - 6 years
Posts: 8,950
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Post by philidor on Oct 25, 2013 23:11:59 GMT 1
Seems like quite a waste of resources in this time and age. Maybe time for the British to reduce the bureaucracy? I'm not sure it is only bureaucracy. One of the reasons may be that the financial package is improved by the use of some complex scheme using British tax law, as is often the case in aircraft finance. All countries allowing such schemes have to draw some limit to avoid their national Treasury paying part of the cost of all international aircraft finance deals. For instance Japan, intending to develop its banking system, had for some time extremely favourable and lax finance/tax rules ; the international success of "Japanese leases", and the associated cost to the Japanese Treasury, forced authorities to terminate the system. The UK is eager to help its banking system grow. Though I don't have precise information, I have a feeling that this probably is part some British tax scheme. |
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tamzeed
in Convoy en route to Toulouse
Posts: 94 
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Post by tamzeed on Oct 29, 2013 15:56:17 GMT 1
Just appeared in HK!  |
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XWB
in service - 11 years
Posts: 16,115
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Post by XWB on Nov 9, 2013 14:26:48 GMT 1
Delivery was on October 25, same as the delivery flight.
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s543
in service - 2 years
Posts: 3,959
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Post by s543 on Apr 18, 2014 8:28:17 GMT 1
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XWB
in service - 11 years
Posts: 16,115
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Post by XWB on Apr 18, 2014 11:34:12 GMT 1
Has anymore seen pictures of that incident?
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