Home / News / VB Lease Co v Wells Fargo [2020] FCAFC 168

VB Lease Co v Wells Fargo [2020] FCAFC 168

Philip Santucci (led by C S Ward SC) acted for the respondent aircraft engine lessors in the latest decision arising from the Virgin Australia administration: VB Lease Co v Wells Fargo [2020] FCAFC 168.

The Full Court of the Federal Court of Australia held that the Virgin lessee companies and administrators were only required to transfer possession to the lessor, and were not (as the Court below had found) required to comply with the contractual regime for redelivery to the US.

The case is significant as the first detailed consideration by a Court of any Contracting State of the insolvency provisions in Article XI of the Cape Town Aircraft Protocol that governs international security interests in mobile aircraft assets.

Read the judgment here.

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