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Aircraft Repossession in Russia
10 July 2013
The global financial crisis dealt a significant blow to the Russian airline industry. More than a dozen regional and low-cost airlines went bankrupt or were taken over by larger airlines. This process was accompanied by numerous cases of aircraft repossessions, including through court proceedings.
Today, the Russian airline industry is stronger and repossession procedures are better defined. However, lessors may still face a number of challenges in the course of repossession.
Key issues involve applications to the Russian courts, risks in repossession without recourse to courts or arbitration, potential difficulties in clearing the aircraft through customs, and the ongoing practical difficulties posed by the fact that repossessions remain uncommon.
Geoffrey P. Burgess
Dmitry A. Karamyslov
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