The UK Commercial Court has granted a worldwide freezing order against VietJet Aviation in a dispute over more than US$250 million owed to FW Aviation Holdings 1 Limited (FWA) for four Airbus A321 aircraft. The order, issued on 15 October, follows judgments arising from leases terminated after alleged rental defaults and could complicate VietJet’s planned expansion into Australia.
The aircraft were delivered in 2018 and 2019 under Japanese Operating Leases with Call Options. FWA terminated the leases in October 2021 and recovered all four aircraft by December 2022, but the repossession did not resolve claims for termination payments and unpaid rent. VietJet was ordered in April 2025 to pay about US$181.5 million; interest and legal costs subsequently increased the outstanding judgment debt beyond US$250 million.
The court found a real risk that VietJet could transfer assets beyond creditors’ reach. The ruling examined arrangements involving Angelica Holding Limited, a related Cayman Islands company to which VietJet had transferred nearly all the value of its future aircraft order book. The judge questioned what VietJet would receive in return and described the expected payments as “wholly illusory”.
The freeze does not cancel VietJet’s aircraft orders. It follows a 30 September ruling that found the appointment of receivers over certain assets outside Vietnam appropriate in principle, subject to detailed terms and costs. The measures could hinder VietJet’s reported plans for an Australian domestic subsidiary, while the case highlights the residual financial exposure airlines can face after aircraft repossession.