Aviation consultancy, the International Bureau of Aviation (IBA), announces its 'turnkey' repossession service and temporary registration in collaboration with the Isle of Man Aircraft Registry. The service has been set up to provide a register for commercial aircraft while they transition from one operator to another.
Given the increasing frequency of financiers and lessors needing to deregister and transfer aircraft from non-operational airlines to a safe and secure financial environment, IBA expects the demand for the service to increase rapidly.
"In the event of a default that requires an owner, financier or lessor to repossess its aircraft, or if an aircraft is returned early from its lease, IBA can now arrange a swift seizure and a secure temporary home for the asset – thereby ensuring optimum maintenance, legal and financial security," says Phil Seymour, IBA's President and Chief Operating Officer. "IBA will provide the necessary Continuing Airworthiness Management support for the aircraft during its time on the Isle of Man Aircraft Register. The aircraft will be placed on the register on the condition that certain tasks and future airworthiness matters are performed under the management of the IBA Technical Services team."
Brian Johnson, Isle of Man Director of Civil Aviation, also agrees with the expected rise in demand. "It is apparent that financial institutions would benefit from more support during a downturn," he says. "Together with IBA we can now offer high quality resources that the industry will really benefit from through the provision of a fully ICAO compliant registry combined with Continuing Airworthiness Management services."