The Mortgaging of Aircraft Order 1972

1.—(a) In this Schedule—

“act of bankruptcy” has the meaning assigned to it in subparagraph (b)(ii) of this paragraph;

“aircraft mortgage” has the meaning assigned to it in paragraph 2 of this Schedule;

“mortgagee” means the creditor in an aircraft mortgage;

“mortgagor” means the person in security of whose indebtedness or obligation the aircraft mortgage is granted;

and references to an aircraft which is the subject of an aircraft mortgage include, where the mortgage so extends, a reference to a store of spare parts designated or appropriated to that aircraft.

(b) In the application of this Order to Scotland—

(i) in Article 14 there shall be added the following paragraph—

“6.   Subject to paragraph 5 of this article, an aircraft mortgage may contain provisions regulating the order in which that mortgage shall rank with any other mortgage of that aircraft or any floating charge within the meaning of the Companies (Floating Charges) (Scotland) Act 1961 or any re-enactment thereof.”

(ii) in Article 15 the words “act of bankruptcy” shall mean—

(a) in the case of a company, a winding-up order, or a resolution for voluntary winding-up (other than a members' voluntary winding-up) or the taking of possession, by or on behalf of the holders of any debentures secured by a floating charge, of any property of the company comprised in or subject to the charge;

 

(b) in the case of any other person, his notour bankruptcy, the execution of a trust deed for behoof of, or the making of a composition contract or arrangement with his creditors or in the event of his death, the appointment of a judicial factor under section 163 of the Bankruptcy (Scotland) Act 1913 to divide his insolvent estate among his creditors, or the making of an order for the administration of his estate according to the law of bankruptcy under section 130 of the Bankruptcy Act 1914 or the administration of his estate in accordance with the rules set out in Part I of Schedule 1 to the Administration of Estates Act 1925.