Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

IP completion day definition

What does IP completion day mean? The point in time marking the end of the Brexit implementation (transition) period for UK legal purposes. In practice, it is the trigger date used in UK statutes, statutory instruments and contracts to determine when EU law stopped applying and when UK amendments took effect. It is defined in legislation: section 39 of the European Union (withdrawal agreement) Act 2020 fixes “IP completion day” as 11.00 p.m. on 31 December 2020 (UK time). Key legal effects include: establishing the snapshot for “retained EU law” under the European Union (Withdrawal) Act 2018; altering the supremacy and direct effect of EU law as...

UK aircraft operating leases: commercial drivers, sale and leaseback, lease mechanics, risk allocation, subleasing and wet leasing, events of default, redelivery, insolvency (CIGA) and Cape Town, and key case law

Published by a LexisNexis Banking & Finance expert

Practice notes

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Operating leases are widely used across the airline sector. Because aircraft have long service lives, a mature marketplace for trading pre-owned aircraft has emerged. For a lessee, the essentials are that the leased aircraft is airworthy and that it can operate it without interference from the lessor. For a lessor, the fundamentals are being paid for the lessee’s use of the aircraft and avoiding any loss arising from the lessee’s operation of the aircraft.

This Practice Note sets out what an operating lease is, how it contrasts with other leasing structures, and the core concepts underpinning the business of operating lessors. It highlights the principal clauses typically found in operating leases, including delivery condition, quiet enjoyment, rent and deposits, and operational indemnities. It also addresses key provisions on subleasing and events of default.

The business of operating lessors

Operating leasing is a common practice in the airline business...

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Web page updated on 21/05/2026

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