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Greece
The applicable legislation establishing a national screening mechanism for foreign direct investments (FDI) and implementing Regulation (EU) 2019/452 in Greece is Law 5202/2025, which was adopted on 22 May 2025 (Greek FDI Law).
Possession under the Cape town convention
Global | Publication | June 2022
Introduction
The High Court of Australia, the highest appellate court in that jurisdiction, recently addressed the meaning of the words “give possession” in Article XI.2 of the Aircraft Protocol to the Cape Town Convention (CTC).1 It is a case which impacts considerably on the competing interests of aircraft and engine lessors and the general body of creditors of an airline subject to insolvency proceedings in a CTC Contracting State. Although the issue had previously been addressed by the High Court in Ireland in a judgment relating to the examinership of Norwegian Air Shuttle (the NAS Case)2, this is the first time that the issue has been considered in detail by a senior appellate court. Given the requirement, in Article 5.1 of the CTC, that, in its interpretation, “regard is to be had to the need to promote uniformity and predictability in its application”, the decision is one that could have strong persuasive authority before the courts of other Contracting States. However, the judgment leaves many questions unanswered and its reasoning is open to challenge.
Facts
Wells Fargo Trust Company (Lessor) had leased four aircraft engines to VB Leaseco (Lessee), part of the Virgin Australia group, under operating leases, the terms of which were substantially documented in a General Terms Agreement (GTA). The Lessor was the legal owner of the engines, holding them on trust for Willis Lease Finance Corporation (Willis). The Lessee appointed administrators on 20th April, 2020. This constituted an event of default under the leases as specified in the GTA.
Footnotes
1
In Wells Fargo Trust Company, National Association (as owner trustee) v VB Leaseco Pty Ltd (administrators appointed) [2022] HCA 8
2
In the matter of Arctic Aviation Assets DAC and others and in the matter of Norwegian Air Shuttle ASA as a related company within the meaning of s.517 and s.2(10) of the Companies Act 2014 [2021] IEHC 272
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