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Delivery Not Included - what the High Court of Australia’s decision in the ‘Willis’ case means

The High Court of Australia’s decision in Wells Fargo Trust Company, National Association (as Owner Trustee) & Anor v VB Leaseco Pty Ltd (Administrators Appointed) & Ors (the “Willis” case).

On Wednesday, 16 March 2022, the High Court of Australia handed down its decision in the Willis case.

Australia, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Due diligence, High Court of Australia
Virgin Australia Group administrators’ Lien: The key to super priority

Background

Australia, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Coronavirus, Virgin Group
Virgin v Wells Fargo: the Full Federal Court adopts a different interpretation of an insolvency administrator’s obligation to “give possession” under the Cape Town Convention

Following our previous alert here on Justice Middleton’s decision in Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (Administrators Appointed),[1] the administra

Australia, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Virgin Group, Federal Court of Australia
Wells Fargo v Virgin: the first clarification on an insolvency administrator’s obligation to “give possession” under the Cape Town Convention

On 14 May 2015, Australia acceded to the Convention on International Interests in Mobile Equipment (“Cape Town Convention”) and the Protocol to the Cape Town Convention (“Cape Town Protocol”). In particular, for insolvency related proceedings, Australia adopted what is known as “Alternative A” in aviation industry speak. The Cape Town Convention became effective as Australian law on 1 September 2015 and applies to the relevant aviation leasing and financing transitions entered into after that date.

Australia, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Virgin Group
Aviation Working Group's review of the Cape Town Convention Closing Opinion

In January 2018, the Aviation Working Group (“AWG”)1 as part of its review of closing opinion practice, released a revised Form of Cape Town Convention Closing Opinion. The aim of the review was to provide further guidance and consistency in the approach legal practitioners adopt in respect of Cape Town and the State of Registry Jurisdiction.

The AWG was founded in 1994, with stated aims of contributing to the development and acceptance of policies and laws that:

  • facilitate advanced international aviation financing and leasing, and

Australia, Asset Finance, Aviation, Insolvency & Restructuring, King & Wood Mallesons
UK High Court judgment on ISDA Default Rate calculations in Lehman Waterfall IIC, and supplemental judgment on statutory interest and currency conversion claims in Waterfall IIA and IIB

The High Court in London handed down judgment on Part C of the Lehman Waterfall II Application on 5 October 2016.

The judgment examines the extent of creditors’ entitlements to Default Rate interest on debts arising under ISDA Master Agreements governed by English law and New York law. As some £4.4 billion of LBIE’s admitted claims arise under ISDA Master Agreements and the debts were outstanding for more than five years, this judgment will materially influence the amount of money which must be applied in satisfaction of creditors’ entitlements to statutory interest.

United Kingdom, Banking, Derivatives, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, International Swaps and Derivatives Association, Lehman Brothers