““When I made the film The Invention of Lying, they gave me a private jet for getting back and forth between New York and London. I thought, ‘I will never use it’ but I ended up using it every weekend. You turn up, right, and the airport is completely empty. I mean, there’s just someone at the desk and then the pilot, who says, ‘Are you ready to go?’ and you say, ‘Don’t you want to see my passport?’ and he goes, ‘Oh yeah, I suppose I’d better.’” ”
Cape Town Treaty Applies To Aircraft Share Owners
Aircraft fractional shareowners can be included in the International Registry of Mobile Assets (IRMA), giving them the same Cape Town Treaty protection that sole owners have had since March 2006.
IRMA management company Aviareto has announced that it has begun registering multiple owners of a single aircraft. Since the whole aircraft must be accounted for, initial registration of fractionally owned aircraft will show that program operators hold 100 percent, which will be diluted until all shares are sold. At that point, the fractional provider will hold "zero-percent" interest.
The treaty protocol applies to fixed-wing aircraft that can carry at least eight people (including crew) or helicopters with a passenger capacity of five or more (including crew). Sixteen countries are signatories to the treaty, which is intended to reduce creditors' risk through the clarification of asset ownership and priorities of financial interest.