At the plenary session of Parliament, the Deputy Minister of Economy and Sustainable Development, Tamar Ioseliani, presented the draft Air Code of Georgia, along with related amendments to the Civil Procedure Code of Georgia, the Law On Enforcement Proceedings, the Law “On State Fees,” and the Law “On Rehabilitation and the Collective Satisfaction of Creditors.”

 

According to the presenter, the legislative package was prepared in connection with Georgia’s accession to the Cape Town Convention. Its adoption will ensure creditors’ rights, as defined by the Convention, to register international interests related to aviation objects in the international registry and, in cases of contractual default, to request the immediate deregistration of aviation objects from the State Registry of Civil Aircraft of Georgia.

 

The Deputy Minister noted that these changes are expected to increase the reliability of Georgia’s aviation market for foreign investors and significantly reduce the cost of aviation assets for airlines operating in the Georgian market.

 

According to the draft law, the Air Code of Georgia will be supplemented with and define the terms “Cape Town Convention,” “aviation object,” and “IDERA”. In addition, new provisions will regulate issues related to the registration of international interests in aviation objects and the removal of aviation objects from the State Registry of Civil Aircraft of Georgia.

 

Parliament adopted the draft law “On Amendments to the Air Code of Georgia” in the first reading with 78 votes in favor.