Aviation Financing & Leasing – Aviation

1 General and Contractual

1.1 What are the typical structures available for
financing the purchase of an aircraft?

Bermuda vehicles are regularly used in both ‘off-balance
sheet’ financing structures, where the owner of the aircraft
is an ‘orphan’ and ‘on-balance sheet’
structures where the owner will own the aircraft directly in its
own name. 

Off-balance sheet structures are often used for asset-backed
securitisations (ABS). Although many ABS transactions involve a
special purpose vehicle (SPV) that is directly owned by a parent,
often a transaction will require an ‘orphan’ SPV,
meaning that it is not part of the originator’s corporate
group. By selling the asset to the orphan SPV, the asset is removed
from the originator’s balance sheet. When an orphan structure
is required, the SPV is incorporated with all the shares issued to
a trustee (also offshore) pursuant to a charitable or purpose
trust. A Bermuda purpose trust is of particular benefit in an ABS
transaction structured in this manner, as the purpose trust is
established to fulfil purposes rather than in favour of
beneficiaries, while a charitable trust has charities as the
beneficiaries (where, depending on circumstances, a conflict of
interest may arise).

Bermuda has in place legislative bankruptcy and corporate
structures that are particularly suited to establishing the
bankruptcy remoteness of the SPV often used for commercial
financing structures. As long ago as 1990, Bermuda enacted the
Trusts (Special Provisions) Act enabling the creation of trusts for
a broad range of non-charitable purposes and since that time
Bermuda has developed a practice establishing purpose trusts.

One of the areas where a number of such trusts have been used is
aircraft financing. In the typical financing structure, a Bermuda
exempted company is incorporated to act as owner and lessor or as
lessee and sub-lessor of the aircraft.

1.2 What are the key advantages/disadvantages and main
issues arising in relation to these financing
structures?

The location of the company in a tax-neutral and flexible
jurisdiction may offer certain protections against the bankruptcy
of other involved parties (such as the operator) and facilitates
innovative and cost-effective methods of asset finance, often
utilising cross-back tax benefits.

Lenders appreciate the fact that Bermuda courts follow English
common law principles (which includes recognition of the equitable
right of redemption under a mortgage unlike civil law
jurisdictions) and are likely to recognise and enforce English
or New York law governed security documents. The foreign operators
are happy to use Bermuda, which they view as a neutral
jurisdiction, through which to finance the aircraft.

1.3 What types of leasing are possible under the laws of
your jurisdiction? What are their essential
characteristics?

There is no statutory regulation of the form of aircraft lease
which can be entered into by Bermuda exempted undertakings. It
should be noted that aircraft registered on the Bermuda Register of
Aircraft cannot be operated for hire or reward for the carrying of
passengers or cargo without certain certifications from the Bermuda
Civil Aviation Authority (BCAA).

1.4 Are there any proposals for reform in the area of
aviation finance?

No, there are no current proposals for reform in the area of
aviation finance in Bermuda.

1.5 Is it possible according to the laws in your
jurisdiction to enter into non-binding or partially binding
pre-contractual agreements (e.g. ‘letters of intent’)
that will NOT take effect as fully enforceable
agreements?

Under Bermuda law, letters of intent may be non-binding;
however, certain provisions of the letter such as governing law and
exclusivity provisions are expressed to be binding.

1.6 Is there a doctrine of ‘good faith’ in
your jurisdiction that applies to all pre-contractual agreement,
financing and leasing transaction documents, and the conduct of
parties connected to them?

There is no doctrine of ‘good faith’ as a matter of
Bermuda law.

2 Taxation and Related Matters

2.1 Which government authority in your jurisdiction has
primary responsibility for the accounting for and regulation of
revenue control and taxes?

The Ministry of Finance is responsible for the Office of The Tax
Commissioner which administers the collection of the taxes and
duties in accordance with Bermuda law.

2.2 What are typically the taxes in your jurisdiction
that may arise in relation to a sale, a lease or a financing of an
aircraft or an engine?

There will not be any taxes or duties payable in Bermuda as a
consequence of the sale, lease or financing of an aircraft or
engine, unless the relevant agreement is physically executed in
Bermuda and one of the parties is a local Bermuda company, in which
case there would be stamp duty payable. If the aircraft is
physically located in Bermuda when the sale agreement is executed
and the purchaser is a Bermuda entity, there may be customs duties
payable as it could be seen as importation of the aircraft.

2.3 Is the provision of a current tax-residency
certificate by a payee sufficient for a lessee or a borrower
potentially subject to withholding taxes in your jurisdiction on
rental or interest payments to avail itself of treaty access and
the mitigation of tax liability?

There are no withholding, gross-up provisions or other taxes
applicable in Bermuda.

2.4 Has the advent of BEPS (the Base Erosion and Profit
Shifting initiative of the OECD) had any effect as regards
structures in aviation finance and leasing or their
interpretation?

Bermuda is a member of the Inclusive Framework on BEPS and has
committed to implement the minimum standards thereunder. Currently
it is not anticipated that this will have any specific effects in
respect of aviation finance or leasing structures in Bermuda.

2.5 What are the typical thresholds in your jurisdiction
for which a permanent establishment may be triggered under the
terms of any relevant double-tax treaty or similar?

Bermuda is not party to any international tax treaties which
would be relevant in the context of aircraft finance and leasing
structures.

Typically, Bermuda companies are simply required to maintain a
registered office in Bermuda. It should, however, be ascertained
whether the proposed activities of any Bermuda legal entity would
constitute a “relevant activity” under the Bermuda
Economic Substance Act 2018 as amended, such as “financing
and leasing”. If so, the entity will be required to maintain
adequate substance in Bermuda to ensure that certain core income
generating activities in relation to that activity are physically
carried out in Bermuda.

2.6 Is the authority at question 2.1 likely to establish
a ‘look-through’ right or similar as regards a lender
or a lessor that is a special-purpose vehicle involved for the
purpose of tax treaty access?

This is not applicable.

2.7 Will the import of an aircraft into your
jurisdiction and/or the sale or leasing of the aircraft give rise
to any VAT, sales or use taxes or any customs import or excise
duties?

There may be customs duties payable in respect of
the importation of an aircraft; however, there will not be any
Bermuda taxes or duties payable in connection with the sale or
leasing of an aircraft if the parties to the relevant documents are
not Bermuda local companies and if the documents are not physically
executed in Bermuda.

2.8 Are there any documentary taxes (for example, stamp
duty payable on the execution of documents)?

There will not be any Bermuda taxes or duties payable in
connection with executing and/or delivering documents if the
parties to the relevant documents are not Bermuda local companies.
Stamp duty may be payable where a document is physically executed
in Bermuda.

3 Registration and Deregistration

3.1 Which government authority in your jurisdiction has
primary responsibility for the regulation of aviation and the
registration of aircraft? Is it an owner registry or an operator
registry? If the aircraft register is an operator register, is it
possible to record the details of an owner or lessor and any
financier with an aircraft mortgage?

The Governor of Bermuda is required, by the provisions of the
Air Navigation (Overseas Territories) Order 2013 (the Order), to
maintain a Register of Aircraft and to accept applications to
register aircraft from qualified persons. Some of the
Governor’s responsibilities in this regard may be delegated
to the Minister of Transport, under the Bermuda Constitution Order
1968 and the Governor may also designate a person to carry out
certain functions required by the Order following consultation with
Air Safety Support International (ASSI). The Order came into force
on 1 January 2014 and should be read in conjunction with the Air
Navigation (Overseas Territories) (Amendment) Orders.

Most matters relating to aviation are dealt with by the BCAA,
which is a government quango with a statutorily appointed board of
directors responsible for the performance of the BCAA in accordance
with applicable law. The Register of Aircraft in Bermuda is an
owner register; however, it is also possible to register aircraft
in the name of the lessor.

3.2 What is the effect of registration of the aircraft?
Does registration on your national aircraft register confer proof
of ownership of the aircraft and/or engine?

Registration, and the issuance of a certificate of registration,
is prima facie evidence of ownership and indicates that the
relevant applicant is considered to be qualified for registration.
The Certificate of Registration sets out the following information:
(i) the registration mark; (ii) the aircraft type and serial
number; (iii) the name of the registered owner (and whether such
registered owner holds a charter by demise interest); and (iv) the
nationality of the registered owner.

3.3 Can foreign-owned aircraft be registered on your
national aircraft register and are there limits or restrictions on
the age of aircraft that may be registered or
operated?

The requirements for registration are set out in the ANOTO,
including who is considered to be a qualified person for
registration. This includes:

1. the Crown in right of His Majesty’s Government in the
   United Kingdom or in right of the Government of Bermuda;




2. United Kingdom nationals;




3. Commonwealth citizens;




4. nationals of any European Economic Area (EEA) state;




5. bodies incorporated in any part of the Commonwealth that have
   their registered office or principal place of business in any place
   in the Commonwealth; and




6. undertakings formed in accordance with the law of an EEA state
   and that have their registered office, central administration or
   principal place of business within the EEA.

Currently there are no limits or restrictions on the age of the
aircraft that may be registered or operated; however, any aircraft
can be evaluated prior to entry onto the register to determine its
eligibility to enter the register.

3.4 Can aircraft leases be registered? If so, in what
circumstances? Must the lease be in a particular form if it is to
be valid and enforceable (for example, must it be in a particular
language or be notarised, legalised or apostilled)?

There is no register of aircraft leases in Bermuda. Leases in
Bermuda are not subject to any consent from any government entity
in Bermuda. It is generally recommended that lease documents be in
English or accompanied by an English language translation

3.5 How is deregistration affected and what steps can a
lessor take to deregister the aircraft on termination of the
lease?

Only the person in whose name the aircraft is registered (the
Registrant) is entitled to apply to de-register the aircraft.
However, if the Registrant has granted an Irrevocable
Deregistration and Export Request Authorisation (IDERA) naming
another entity as an authorised party and such IDERA has been
registered with the BCAA, then such authorised party is the only
entity entitled to de-register the aircraft.

The steps for deregistration are as follows:

1. all outstanding fees must be paid to the BCAA;




2. any mortgages registered against the Aircraft in the Register
   of Aircraft Mortgages must be released (unless the mortgagee
   consents);




3. a letter needs to be provided from the Registrant addressed to
   the BCAA, requesting the deregistration and providing the details
   of the new registry; and




4. certified copies of the board resolutions of the Registrant
   approving the deregistration should be provided to the BCAA.

The deregistration process typically takes one to three business
days to complete.

4 Security

4.1 Is it possible to create a mortgage over an aircraft
or engine in your jurisdiction? If so, what are the types of
aircraft mortgage and engine mortgage available and what
formalities are required in order to perfect it?

Where an aircraft or aircraft engine is owned by or in the
lawful possession of a company incorporated in Bermuda, any
mortgage of such aircraft registered in the Aircraft Register or
capable of being so registered may be entered in the
Register of Aircraft Mortgages and any mortgage of such
aircraft engine may be entered in the Register of Aircraft Engine
Mortgages. There is no concept of “perfection” under
Bermuda law. A domestic law mortgage over an aircraft or engine
would be enforceable in accordance with its terms but it is
recommended that the aircraft or engine mortgage be registered on
the relevant mortgage register maintained by the BCAA. Such
registration acts as notice to third parties and also ensures that
such registered mortgage has priority over subsequent mortgages
granted in respect of the same aircraft or engine. 

4.2 Can spare parts, including future parts, be subject
to the aircraft mortgage or engine mortgage (as the case may be)?
If not, are there any other forms of security that can be taken
over spare parts?

A registrable mortgage may cover any store of spare parts for
such aircraft or such aircraft engine; however, a mortgage created
as a floating charge is not registrable.

4.3 Is there a register of mortgages or rights over
aircraft and/or engine?

Yes. The Mortgaging of Aircraft and Aircraft Engines Act 1999
(the Mortgage Act), together with the related Mortgaging of
Aircraft (Procedures) Regulations 1999 and Mortgaging of Aircraft
Engines (Procedures) Regulations 1999 provides for the
establishment and maintenance of a register of aircraft mortgages
and a register of aircraft engine mortgages. The register is
maintained by the BCAA.

4.4 What other forms of security can be taken over an
aircraft and/or engine and can these other forms be
registered?

In addition to mortgages over aircraft and engines, the
following other forms of security may be taken:

1. security assignments in respect of leases and/or insurance
   contracts;




2. equitable mortgages or charges over the shares of the
   owner/borrower entity; and




3. fixed or floating charges over the assets of a Bermuda
   owner/borrower.

A charge created over an aircraft not registered in Bermuda or
not having any interests registerable under The Mortgage Register
but owned by a Bermuda registered company, or a charge over shares
of a Bermuda company, may be registered in the Charges Register at
the Registrar of Companies, pursuant to the Companies Act 1981 of
Bermuda.

Registration constitutes notice to the public of the interest of
the charge in or over the aircraft.

4.5 What claims and rights would take priority in your
jurisdiction over a registered mortgage?

Only prior charges that have been registered against the subject
of the mortgage would take priority over a registered mortgage.

4.6 What other forms of security can be granted over an
aircraft and/or engine lease?

Typical security that can be granted over an aircraft and/ or
engine lease would include security agreements
including assignments of rights to insurance proceeds, lease
revenue, etc., bank account pledges and potentially share charges.
See also the answer to question 4.4.

5 Enforcement and Repossession

5.1 What are the circumstances in which a mortgagee or
owner can take possession of the aircraft and/or sell the aircraft?
What requirements must the mortgagee or owner comply
with?

Upon the event of default, the mortgagee may take possession of
the aircraft and subsequently sell it, providing that this has been
stipulated for in the mortgage or the mortgagor otherwise consents.
The following documentation will be required:

• The original mortgage or a certified copy thereof. Where the
  mortgage is in a foreign language a certified translation will be
  required. The loan agreement and any other agreements and
  documentation relating to the debt should also be provided.




• Evidence of the non-payment of the debt on the due date or the
  occurrence of an event of default under the mortgage, together with
  evidence of the service of a notice of default on the
  mortgagor.

5.2 What is the procedure for repossession of the
aircraft?

Aircraft registered in Bermuda are rarely physically present in
Bermuda, therefore the laws of where the aircraft is physically
situated will need to be considered in order for a mortgagor or the
owner to take physical possession of the aircraft.

Bermuda courts seek to uphold and enforce legally binding
commercial contracts such as a security agreement or aircraft
mortgage according to their terms unless common law or equitable
principles would dictate otherwise. As such, as long as the
security agreement includes an express provision that the secured
party is entitled to take physical possession of the aircraft
without the lessee’s or operator’s consent, this would
be upheld by the Bermuda courts. Bermuda law would also recognise
the secured party exercising “self-help” without a
court order, provided that only peaceful methods are used to take
possession of the aircraft.

If the mortgagor chooses to pursue the judicial procedure for
possession, they would not be able to take possession before
judgment unless there is a proven probability of damages arising in
relation to the aircraft in addition to the event of default under
the mortgage. The mortgagor, after acknowledgment of service of
originating process, would need to seek to obtain summary
judgment.

5.3 Will local courts recognise a choice of foreign law
in an aircraft mortgage? Are there any mandatory local rules that
apply, despite a choice of foreign law?

The judicial system in Bermuda is based upon the principles of
English common law, as modified and supplemented by various acts
passed by the local legislature. The Bermuda courts will generally
uphold such a clause, assuming that such a choice was valid under
the applicable foreign laws, and not contrary to public policy

5.4 Will local courts recognise and enforce a foreign
court judgment in favour of a mortgagee or lessor? Are any interim
relief measures available?

Pursuant to the provisions of The Judgments (Reciprocal
Enforcement) Act 1958, a final and conclusive judgment in the
superior courts of Australia, Bahamas, Barbados, Dominica,
Gibraltar, Grenada, Guyana, Jamaica, Leeward Islands, Nigeria, St.
Lucia, St. Vincent and United Kingdom against a Bermuda company
under which a sum of money is payable (not being in respect of
multiple damages, or a fine, penalty, tax or other charge of
similar nature) would, on registration, be enforceable in the
Supreme Court of Bermuda against a Bermuda company without the
necessity of any retrial of the issues which are the subject of
such judgment or any re-examination of the underlying
claims. 

However, where such foreign judgment is expressed in a currency
other than Bermuda dollars the registration will involve the
conversion of the judgment debt into Bermuda dollars on the basis
of the exchange rate prevailing at the date of such judgment as is
equivalent to the judgment sum payable.

The courts of Bermuda would recognise as a valid judgment a
final and conclusive judgment in personam obtained in any court
other than the foreign courts listed above against a Bermuda
company based upon documents under which a sum of money is payable
(other than a sum of money payable in respect of multiple damages,
taxes or other charges of a like nature or in respect of a fine or
other penalty) and would give a judgment based thereon, provided
that: (a) such courts had proper jurisdiction over the parties
subject to such judgment; (b) such courts did not contravene the
rules of natural justice of Bermuda; (c) such judgment was not
obtained by fraud; (d) the enforcement of the judgment would not be
contrary to the public policy of Bermuda; (e) no new admissible
evidence relevant to the action is submitted prior to the rendering
of the judgment by the courts of Bermuda; and (f) there is due
compliance with the correct procedures under the laws of
Bermuda.

The present policy of the Bermuda Monetary Authority is to give
consent for a Bermuda dollar award made by the Supreme Court of
Bermuda to be paid in the original judgment currency.

5.5 Are powers of attorney from a local airline in
favour of a lessor or mortgagee likely to be effective to allow the
lessor or mortgagee to deregister the aircraft? Can such powers be
irrevocable, be governed by a foreign law and/or do they need to be
in any particular form for local recognition?

At present, Bermuda does not have any local airlines; however,
an IDERA in the form prescribed by the BCAA can be filed with the
BCAA. An IDERA is irrevocable and the BCAA’s form of IDERA
does not contain a governing law clause.

5.6 If recovery of the aircraft is contested by the
lessee and a court judgment is obtained in favour of the lessor,
how long is it likely to take to gain possession of the
aircraft?

The amount of time to gain possession of the aircraft will be
determined by the terms of the court judgment.

5.7 To what extent is there a risk from the perspective
of an owner or financier that a lessee of aircraft or other
aviation assets in your jurisdiction may acquire an economic
interest in the aircraft merely by payment of rent and thereby
potentially frustrate any rights to possession or legal ownership
or security?

The payment of rent by a lessee is unlikely to be sufficient to
frustrate legal rights of possession or ownership; however, this
position has not been tested in Bermuda.

5.8 Are there any restrictions on the ability of the
lessor to export the aircraft from your jurisdiction on termination
of the leasing?

There are no restrictions on the export of the aircraft;
however, an export certificate of airworthiness in respect of the
aircraft may be required if the aircraft is being removed from the
register. Otherwise, an export permit is neither required nor
issued in respect of an aircraft being exported from Bermuda.

5.9 Are exchange controls prevailing in your
jurisdiction as regards payments in foreign currency? Will any
consents be required for the remittance of the sale proceeds
abroad?

Bermuda is independent for the purposes of exchange control,
which is operated under the Exchange Control Act 1972 and related
regulations.

Bermuda exempted companies, exempted limited liability
companies, permit companies, exempted partnerships and permit
partnerships are normally designated non-resident for exchange
control purposes and as such are able to conduct their day-to-day
affairs free of exchange control formalities. This would include
any repatriation of proceeds.

5.10 If the lease is governed by English law and a
judgment is obtained by the lessor in the English courts, can that
judgment be automatically enforced in your jurisdiction or will the
case have to be re-examined on its merits?

Section 3 of the Judgments (Reciprocal Enforcement) Act 1958
provides that where a judgment has been obtained in a superior
court of the United Kingdom of Great Britain and Northern Ireland,
the judgment creditor may apply to the Supreme Court of Bermuda at
any time within six years after the date of the judgment, or such
longer period as may be allowed by the court, to have the judgment
registered in the court. On any such application the Supreme Court
may, if in all the circumstances of the case it thinks it is just
and convenient that the judgment should be enforced in Bermuda, and
subject to this section, order the judgment to be registered
accordingly. On registration, it will be treated as though it were
the judgment of the Supreme Court of Bermuda.

5.11 What is the applicable procedure for repossession
of an aircraft under other forms of security
interests?

The procedure set out in response to question 5.2 also applies
to the repossession of aircraft under other security interests.

6. Conventions

6.1 Has your jurisdiction ratified any of the following:
(a) The Chicago Convention of 1944 on International Civil Aviation
(the Chicago Convention); (b) The 1948 Convention on the
International Recognition of Rights in Aircraft (the Geneva
Convention); (c) The 1933 Convention for the Unification of Certain
Rules Relating to the Precautionary Arrest of Aircraft (the 1933
Rome Convention); and (d) The Convention on International Interests
in Mobile Equipment on Matters Specific to Aircraft Equipment (the
Cape Town Convention) and the Protocol to the Convention on
International Interests in Mobile Equipment on Matters Specific to
Aircraft Equipment?

The Bermuda International Interests in Mobile Equipment (Cape
Town Convention) Act 2016 extends the Cape Town Convention and the
related Protocol to Bermuda. Bermuda is not a Contracting State to
the Convention in its own right but rather a “territorial
unit” of a Contracting State, namely the UK. Bermuda adopted
a number of creditor friendly declarations under the Cape Town
Convention and Protocol including Alternative A. 

As an overseas territory of the United Kingdom, Bermuda cannot
be a party to either the 1948 Geneva Convention on the
International Recognition of Rights in Aircraft or the 1933 Rome
Convention on the Unification of Certain Rules relating to the
Precautionary Arrest of Aircraft until such time as the United
Kingdom has ratified such Conventions and then extended them to
Bermuda. The United Kingdom has not ratified either of these
Conventions at this time.

6.2 Has ratification of the Cape Town Convention caused
any conflicts or issues with local laws?

Bermuda courts do not yet have any experience in relation to
parties enforcing the Convention or the Protocol.

6.3 What is the legal position regarding non-consensual
rights and interests under Article 39 of the Cape Town
Convention?

Bermuda has made declarations under Articles 39(1) and 39(4) of
the Convention; however, they have not yet been enforced by parties
in Bermuda.

6.4 Has your jurisdiction adopted the remedies on
insolvency provided under Article XI of the Protocol to the Cape
Town Convention?

Bermuda made declarations under Article XXX(3) of the Protocol
that it will apply Article XI, Article A in its entirety to all
types of all insolvency proceedings and all other insolvency
related events and that the waiting period for the purposes of
Article XI(3) of that Alternative shall be 60 calendar days.

6.5 What is the procedure to file an irrevocable
deregistration and export request authorisation under the Cape Town
Convention (IDERA)?

An IDERA (in the form prescribed by the BCAA) can be filed with
the BCAA as long as it relates to an interest created after 1
January 2018 (the date the legislation became effective in
Bermuda).

7. Liability for Damage and
Environmental

8. Insolvency and Searches

9. Detention and Confiscation

9.1 Other than insolvency laws (see section 8), are
there any laws that may have the effect of defeating the
owner’s right in the aircraft – for example, government
requisition? Do the laws of your jurisdiction provide for any
compensation in such circumstances?

The law of receivership will also apply. A debenture holder or
mortgagee will have the right to appoint a receiver to realise its
security. Depending on the powers of the receiver under the
instrument of appointment or court order, the owner’s rights
can be partially or wholly displaced.

9.2 Are there any rights in relation to third parties to
detain or sell the aircraft pursuant to illegal activities, tax or
any other laws if the operator or lessee fails to pay when due? If
so, can the aircraft be forfeited and sold without the owner being
made aware?

Under Bermuda law, persons are granted a right to detain and, in
some cases, to sell (or cause to be forfeited) aircraft in certain
circumstances without the requirement to inform the owner. Such
circumstances include:

1. non-payment of airport charges;




2. contravention of certain licensing and air navigation
   provisions of the ANOTO;




3. forfeiture under Bermuda customs law. Forfeiture of an aircraft
   may occur if an aircraft has been adapted and used for the purpose
   of smuggling or concealing goods;




4. criminal activity:
   

   • terrorism: under the Aviation Security and Piracy (Overseas
     Territories) Order 2000, certain sections of the United Kingdom
     Aviation Security Act of 1982 were extended to Bermuda. Under the
     Anti-Terrorism (Financial and Other Measures) Act 2004, the Bermuda
     courts may make forfeiture orders with respect to any property of a
     person convicted of financing terrorism that is intended to be, or
     is suspected might be, used for the purposes of terrorism. This
     would include aircraft; and

   
   

   • drug trafficking: if an aircraft is used for drug trafficking
     purposes or purchased from the proceeds of crime, a court can order
     the aircraft to be forfeited; and




5. war or national emergency: when a state of war or national
   emergency exists, the Governor of Bermuda has broad powers to make
   regulations pursuant to the Emergency Powers Act 1963 which
   includes, inter alia, the power to make regulations
   that authorise the taking of possession or control of any
   property.

Originally Published by International Comparative Legal
Guide

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.