FW Aviation (Holdings) 1 Limited v Vietjet Aviation Joint Stock Company

Facts

FW Aviation (Holdings) 1 Limited (FWA) acquired, from the original lenders, rights under sub-lease agreements for four Airbus A321 aircraft, the sub-lessee being Vietjet Aviation Joint Stock Company (Vietjet), a Vietnamese airline. Proceedings begun in August 2022 produced three trials. Picken J's liability judgment of 31 July 2024, substantially in FWA's favour, was upheld by the Court of Appeal, and the Supreme Court refused permission for a further appeal. Picken J's April 2025 quantum judgment led to an order for payment of about US$181.5 million, later payable in three tranches, with a further US$35.1 million in default interest and costs. Birt J gave judgment on 31 July 2026 on the third trial, ordering about US$18.3 million for lost rental. Vietjet has paid only about US$2 million of the sums due. FWA's application for a worldwide freezing order was refused by Picken J on 23 July 2025, and permission to appeal was refused. Recognition was refused in Vietnam at first instance and on appeal, and FWA's enforcement efforts in other jurisdictions have not succeeded. FWA therefore applied for the appointment of post-judgment receivers over Vietjet's assets. Vietjet resisted, relying on comity, fruitlessness, impact on its business and the breadth of the order.