Jurisdiction(s):
United Kingdom

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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...

Aircraft mortgages in aviation finance under English law: creation and validity (Blue Sky lex situs), UK registration, priority and claw-back, enforcement, and finance lease alternatives

Published by a LexisNexis Banking & Finance expert

Practice notes

In aircraft finance transactions, lenders take security as a means of credit enhancement to raise the likelihood that their loan will be repaid in full if the borrower becomes insolvent or falls into payment default.

Important considerations for lenders taking security are:

the validity and enforceability of the security in whichever jurisdiction the aircraft is situated at the relevant time
the security ranking in priority ahead of the borrower’s other creditors, with the aircraft ring-fenced for the secured lender’s benefit
the charged assets not being susceptible to claw-back in any insolvency proceedings of the borrower

Another reason lenders take security over aircraft is the Basel framework (implemented by the EU Capital Requirements Regulation (Regulation (EU) 575/2013) (EU CRR)), which requires in-scope banks to have legally effective and enforceable security over the aircraft in all relevant jurisdictions if they wish to use that security to reduce the risk weighting of any loan (and so the capital adequacy costs of making the loan available). For further information on this, see Practice Note: EU CRD IV package—essentials...

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Web page updated on 21/05/2026

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