Higgs & Johnson Aviation partner, Michael F. L. Allen, in his role as Chairman of the Government appointed Steering Committee for the ‘Enhancement to The Bahamas Aircraft Registry and Implementation of The Cape Town Convention on International Interests In Mobile Equipment on Matters Specific to Aircraft Equipment’ presented at the International Business and Finance Summit held in Bimini, The Bahamas this month. The Bahamas Financial Services Board hosted the event under the theme ‘Balancing Change with Continuity.’
Mr. Allen provided an introduction to the purpose and work of the Steering Committee and a report on progress to date involving the preparation of draft legislation (submitted to the Office of the Attorney General) for the accession of The Bahamas to the Cape Town Convention and completion of a gap analysis by a potential partner for effecting enhancements to the Bahamas aircraft registry.
Mr. Allen also demonstrated linkages between aviation and financial services as he guided participants through the development and operation of a lease finance investment structure involving international investment and Bahamian financial services products, including investment funds, corporate vehicles and trusts. Additionally, the presentation provided insight into possible Sharia compliant dimensions to the structure.
Mr. Allen, who is also Chairman of the Air Transport Advisory Board, noted that, “The Bahamas is on track to position itself to attract first-class aviation operators, high net-worth individuals, Heads of State, multi-national corporations, commercial operators and others wishing to take advantage of a premier aircraft registry operated in a favourable jurisdiction”.