Recent Cases

Wells Fargo Trust Company, National Association (as owner trustee) v VB Leaseco Pty Ltd (administrators appointed) [2022] HCA 8 (16 March 2022) (Kiefel CJ, Gageler, Keane, Edelman and Steward JJ)


Catchwords:


Aviation – Aircraft leasing – Where first appellant leased aircraft engines to lessee company – Where administrators appointed to lessee company – Where lease agreements specified obligations for redelivery of aircraft engines – Where Protocol to Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (“Protocol”) required administrators to “give possession” of aircraft engines upon insolvency-related event – Where specific redelivery obligations under lease agreements preserved by Convention on International Interests in Mobile Equipment but constrained by s 440B of Corporations Act 2001 (Cth) – Whether obligation to give possession under Art XI(2) of Protocol fulfilled by administrators providing opportunity to take possession of aircraft engines in Australia – Meaning of “give possession” in Art XI(2) of Protocol.

Words and phrases – “aircraft engines”, “aircraft objects”, “give possession”, “insolvency-related event”, “lease agreements”, “obligation to give possession”, “opportunity to take control”, “provide an opportunity for the exercise of the right to take possession”, “right to take possession”, “rules of insolvency procedure”.