Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (administrators appointed) [2020] FCA 1269

FEDERAL COURT OF AUSTRALIA

Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (administrators appointed) [2020] FCA 1269 File number: NSD 714 of 2020

Judgment of: MIDDLETON J

Date of judgment: 3 September 2020

Catchwords: STATUTES – interpretation – statute implementing treaty – International Interests in Mobile Equipment (Cape Town Convention) Act 2013 (Cth) – Convention on International Interests in Mobile Equipment – Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, Art XI – Vienna Convention on the Law of Treaties, Arts 31, 32 STATUTES – meaning of "give possession of the aircraft object to the creditor" in the context of Art XI of Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment – whether "give possession" requires delivery of certain aircraft objects to the applicants in the United States or whether it entails making the aircraft objects available to the applicants – proper interpretation requires delivery of the relevant aircraft objects to the applicants in the United States CORPORATIONS – whether the administrators failed, for the purposes of the Corporations Act 2001 (Cth), to disclaim the applicants' property and should be personally liable for post-appointment amounts payable under relevant lease agreements pursuant to s 443B of the Corporations Act 2001 (Cth) CORPORATIONS – notice under s 443B given by respondents did not discharge respondents' obligation to "give possession" – notice could not satisfy the requirements of s 443B(3) of the Corporations Act 2001 (Cth) or have the effect of relieving administrators of their obligations under s 443B(2) of the Corporations Act 2001 (Cth) CORPORATIONS – whether administrators should be relieved of certain liability – administrators acted reasonably concerning providing assistance to the applicants to recover aircraft objects –s 443B notice of no effect upon the basis that the notice did not fulfil the obligations under Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment – administrators relieved of liability from the period 16 June 2020 to 20 October 2020 under s 443B(8) and s 447A of the Corporations Act 2001 (Cth)