At the end of February 2016, the United Kingdom signed the Luxembourg Rail Protocol to the Cape Town Convention on International Interests in Mobile Equipment.
Following the recent accession of Spain to the Aircraft Protocol in March 2016, Spain must also move forward to join the Rail Protocol which shall result in a new set of creditor protection rules, which will apply globally and will make financing and leasing of rolling stock in, or to Spain more secure, easier and cheaper. When implemented, the Luxemburg Protocol will facilitate efficient low-risk and low-cost private finance for rolling stock in Spain setting the base for a more competitive and dynamic rail industry fit for the 21st century.
It is the goal of this breakfast briefing to provide an overview on what is the Luxemburg Rail Protocol and what are the economic benefits that may arise from its implementation in Spain.
Bird & Bird is a member of the Rail Working Group, a not-for-profit rail industry association, established at the request of UNIDROIT (the International Institute for the Unification of Private Law) to represent the position of the rail industry relating to adoption and implementation of the 2007 Luxembourg Protocol to the Cape Town Convention on International Interests in Mobile Equipment on matters relating to railway rolling stock (the Luxembourg Rail Protocol).
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