Anyone who has ever participated in an aircraft purchase understands the importance of completing a transaction on the planned deadline. But what happens when that planned deadline becomes fraught with complications, which were never contemplated months or years prior to when the purchase contract was signed.

During uncertain times, buyers need something they cannot create: time. Having extra time would allow the buyer to examine alternative options, work out new strategies and perhaps devise a plan that could save millions in costs.

The good news is that, despite what the laws of physics may say, a buyer can create time. While this is not a traditional way of thinking, creating time introduces room to think. Time enables all parties to consider all their options and act in the best interests of the transaction.

Martyn Fiddler typically avoids suggesting an additional step to a deal because, as the old adage goes, ‘time kills deals.’ However, Martyn Fiddler acknowledges that, in certain circumstances, time can also save a deal.

How? When there are unforeseen consequences or costs which seem almost irresolvable, some could be tempted to pull the plug on a transaction altogether. These buyers may say “there may be financial penalties, like a lost deposit” but it might be the least costly option!

Our preference is to ask, provided safety and the rule of law are maintained, “can the plan be changed?” and “are there alternative solutions?”

Rather than continuing with a plan that looks less attractive due to circumstances beyond the buyers control, or abandoning the plan and the deposit entirely, the buyer could consider another option. They might take delivery of the aircraft in a neutral manner before deciding on their next steps.

With Martyn Fiddler a buyer could create time in one of two ways:

• The first is to take delivery of the aircraft into an Isle of Man company with an Isle of Man registration; the Isle of Man aircraft registry will accept aircraft and pilots certified and licenced by all of the leading compliant jurisdictions including EASA, FAA, UK and Transport Canada.
• The second way is to place the aircraft into Martyn Fiddler’s Customs Warehouse based in the United Kingdom (UK). Under this regime whilst the aircraft has physically entered the UK it has not entered the UK, or indeed any other jurisdiction, for Customs and VAT purposes. This means that the aircraft can sit in our Customs Warehouse without attracting costs until such time as the owner is ready to deal with them.

If you would like to discuss Martyn Fiddler’s ‘time machine’, a solution designed to provide you with extra time to consider your next move and options, contact heather.gordon@martynfiddler.com

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Our team of specialists have been exploring a number of solutions surrounding how to add time into the transaction process. In doing so we can better support buyers of aircraft.