IDERA(Irrevocable Deregistration and Export Request Authorization) is a voluntary measure that provides greater security to creditors.
An IDERA requires the DCA to honor a request for de-registration and export made by its holder if the debtor defaults on its obligations to the creditor. The purpose of an IDERA is to remove an aircraft from the debtor's possession as soon as possible, transfer control to the creditor and enable it to export the aircraft as necessary. Compared to other default remedies available to creditors, such as the courts, the main benefit of an IDERA is its ability to ensure that creditors will have the "expeditious" cooperation of DCA and other administrative authorities in Aruba in connection with the deregistration and export of the aircraft.
Once the IDERA is registered the DCA shall de-register and/or cooperate to facilitate the export of aircraft objects within five (5) working days on the request of the creditor as “authorized party” in case of default of the debtor.
The aircraft for which there is a recorded IDERA may not be de-registered on the request of the debtor, unless that IDERA is the subject of a revocation. An IDERA must specify a named authorized party or the person that the authorized party certifies as its designee as being the sole person entitled to procure the deregistration of an aircraft from DCA and its export and physical transfer from Aruba.
To file an IDERA: The Financial Institution or Operator must submit Form INS-4.082 to DCA to process acceptance and filing.
To revoke an IDERA: The Financial Institution or Operator must submit Form INS-4.083 to DCA to process revoke request and filing.
