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The Cape Town Convention (CTC) is a pivotal international treaty in aviation, focusing on the financing and leasing of aircraft and aircraft equipment. It establishes a legal framework that enhances the security interests of creditors, thereby facilitating the financing of aircraft. This convention significantly reduces the risks associated with aircraft financing, making it easier for airlines to acquire new aircraft.
By standardizing the legal processes across member states, the CTC has streamlined the international aviation industry's operations. It includes provisions for the registration of international interests in aircraft, the prioritization of creditor rights, and the remedies available in case of default. The convention has been instrumental in lowering the cost of aircraft financing, benefiting both airlines and manufacturers.
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