In a comprehensive judicial decision, a London-based team led by Partner, Paul Baker has secured a total victory at the Court of Appeal, helping FitzWalter Capital to dismiss all five of VietJet's appeal grounds.
The dispute originated in October 2021 when VietJet defaulted on lease payments for four Airbus A320 aircraft financed through a complex Japanese Operating Lease with Call Option (JOLCO) structure. When the leasing of the aircraft was terminated, VietJet contested the action, and continued to operate the aircraft throughout 2022.
Our initial breakthrough came in 2024 with a High Court ruling that validated the lease termination and dismissed VietJet's counterclaim for relief from forfeiture.
Then, between April and May 2025, following a second trial to determine quantum, the High Court ordered VietJet to pay in total over $200m to FitzWalter.
The recent Court of Appeal victory reaffirms the first trial decision and represents a decisive moment in this long-running dispute. A third trial to determine remaining quantum claims is listed for March 2026.
The case establishes significant precedents for international aviation financing and cross-border commercial litigation, providing critical guidance on interpreting complex lease structures and jurisdictional challenges.
Exceptional work by our indefatigable team: Paul Baker, James McSweeney, Daniel Freund, Juliet Bull, Olivia Morris, and Alex Quirk.
The case is: VietJet Aviation Joint Stock Company v FW Aviation (Holdings) 1 Limited, CA-2024-002353