Virgin Australia Airlines operated a fleet of 144 aircraft of which 142 were leased to approximately 73 lessors and financiers when the Board resolved to appoint Administrators on 20 April 2020 because of concerns as to solvency. Virgin Australia Airlines Pty Ltd is the second largest airline operating in Australia.
1. Which financial (not tax or labour) short-term compensation schemes for immediate losses due to social distancing measures have been implemented? For which industries/sizes of business?
Deferred Loan Repayment
Karen McMaster, Ben Andrews and James Cameron, Milbank LLP
This is an extract from the 2020 edition of GRR's the Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
In summary
COVID-19 Cuts a Harsh Path Through the Aviation Sector
What are the principal types of insolvency proceedings?
What is the Cape Town Convention?
The Full Court of the Federal Court of Australia has become the first appellate court among ratifying countries to look directly at the meaning of “give possession” and “giving possession of the aircraft object to the creditor” under the Protocol to the Convention on International Interests in Mobile Equipment (known as the Cape Town Convention) on matters specific to Aircraft Equipment (the Protocol) in the context of an insolvency (the Virgin Australia insolvency) in Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (admin
Thailand’s Official Receiver recently issued an important announcement relevant to all existing or potential creditors of Thai Airways International Public Company Limited (“Thai Airways International”). The announcement details the Central Bankruptcy Court’s Order for rehabilitation of Thai Airways International and was published in the Royal Gazette on October 2, 2020.