Aviation & Asset Finance

Legal, Tax and Corporate Administration

As one of Ireland's largest law firms, William Fry offers unrivalled legal, tax and corporate administration expertise across the full breadth of the aviation and asset finance sector. 

Our team advises banks, airlines, leasing companies, manufacturers, export credit agencies, funds, arrangers and lenders on a number of domestic and cross-border transportation, infrastructure, asset financings, including securitisations of aircraft lease portfolios and the establishment of aircraft leasing and joint venture companies in Ireland.

William Fry has the largest tax group of all of the Irish law firms and has the advantage of being the only Irish member of TAXAND which has a network of members in 50 different countries. This provides our clients with a unique tax service which is complimentary to the global nature of the aviation industry, our worldwide client base, and bolsters the aviation team’s position as a truly international service provider. This is unparalleled in the Irish legal and tax firms and we are unique in this regard.

In the last 12 months the team has acted on high profile financings such as:

  • International Consolidated Airlines Group (IAG) in relating to its €1.4bn takeover offer for Aer Lingus. This is the biggest ever aviation transaction relating to an Irish airline and the largest involving a European carrier in the last decade 
  • Goldman Sachs as lead arranger on a US$583,370,000 aircraft-backed securitisation.
  • DVB Bank as lender and security trustee on aircraft portfolio refinancings for Minsheng and BoCom
  • Deutsche Bank as lender on an aircraft portfolio financing for CDB Leasing.
  • Eithad’s acquisition of a 49% stake in Alitalia.
  • US$169m facility to Minsheng Financial Leasing Co., Ltd 
  • Refinancing of a portfolio of Alitalia aircraft.
  • KDB's financing of the initial deliveries of CALC's 100 aircraft order.
  • Advising Airbus on a Chinese joint venture arrangement.
  • Refinancing a portfolio of aircraft for CDB Leasing Co. Ltd.
  • Credit Agricole's financing of a portfolio of aircraft for Avation Group plc.
  • KDB's financing of a portfolio of 5 aircraft for ALAFCO.
  • BNP's financing of 8 aircraft for ASL.
  • A high net worth Irish individual on his acquisition of a Pilatus PC 12 NG aircraft.
  • Bank of Communications Co., Ltd Singapore Branch in respect of the financing of one (1) Boeing 777 aircraft and one (1) Boeing 747 aircraft for ICBC Financial Leasing.
  • DVB Bank in relation to the prepayment by Compass Aviation Leasing Co., Limited (a China Development Bank subsidiary) of the debt associated with one (1) Boeing 737 aircraft.
  • KfW IPEX-Bank Gmbh on the lease extension by Bussard Air Leasing Limited in relation to one (1) Boeing 747-400F aircraft on lease to AirBridge Cargo Airlines LLC.
  • AerDragon on a sale and release of four (4) Airbus aircraft.
  • China Development Bank on a proposed financing of two (2) Embraer 195 aircraft to HKAC.
  • Comsys (Tianjin) Leasing on the establishment of an Irish leasing platform.
  • DVB Bank on the financing of four (4) Airbus aircraft for Minsheng Financial Leasing.
  • EEC Leasing on the sale of two (2) EMB 145 aircraft.
  • KfW IPEX-Bank on the financing of one B747 Freighter.
  • Lloyds, Barclays, Sumitomo and Lombard in relation to a $335m facility and leasing of three (3) AW139 helicopters, one (1) Sikorsky S-92 helicopter, three (3) EC225 helicopters,  and the subsequent refinancing and sale of Milestone Aviation Group to GECAS.
  • CityJet in relation to its aircraft financing and leasing arrangements as a result of its sale.
  • CDB Leasing on the purchase of five (5) aircraft on a sale and leaseback basis.
  • Deutsche Bank, Tokyo on the financing of two (2) Boeing aircraft acquired by a Japanese lessor.
  • Deutsche Bank, Singapore on the sale of two (2) Boeing aircraft by CDB Leasing.
  • DVB Bank on the purchase of three (3) 737-800 aircraft which was structured through BoCom’s Irish subsidiary, JY Aviation.
  • Shanghai Pudong Development Bank on the financing of one (1) A321 aircraft for CALC.

Transport: Legislation Programme Autumn/Winter 2015

Bills currently before the Oireachtas and Bills expected to be published

ISE Announces Dedicated Exchange for Aviation Finance

The Irish Stock Exchange recently announced plans to create a dedicated exchange for aviation-related debt and other instruments.

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Department - Aviation & Asset Finance

David is consistently ranked in all leading global legal directories including Legal 500 EMEA and Chambers Global.


David Maughan is ‘excellent on all counts’.
Legal 500 EMEA, 2015 - Banking & Finance

"He is widely recognised as an expert in aviation law”.

Chambers Europe, 2014 - Banking & Finance


Department - Tax

William Fry’s ‘hands-on, straight-talking and practical approach’ finds favour with clients.
Legal 500 EMEA, 2015 - Tax


"This firm is very available and responsive, and good at tailoring advice for non-lawyers."
"We have a good degree of trust in this team's advice. The lawyers have a flexible approach, and are clearly high quality."

Chambers Europe, 2015 - Tax


"One of the most conscientious firms I have dealt with."
"The team is knowledgeable and integrates well with other departments, which is very helpful."

Chambers Europe, 2014 - Tax


Key Contacts

David Maughan Partner

Mary Ward Associate

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