VietJet faces worldwide asset freeze over $250 million aircraft leasing debt

The UK Commercial Court has granted a worldwide freezing order against VietJet Aviation after aircraft finance company FW Aviation pursued enforcement of unpaid judgments linked to four Airbus A321 aircraft. The court also raised concerns over arrangements involving the airline’s future aircraft order book.

VietJet Aviation has been subjected to a worldwide asset-freezing order by the UK Commercial Court as FW Aviation Holdings1 Limited (FWA) seeks to recover more than $250 million in outstanding court judgments.

The order was granted on 15 October 2026. The court found that there was a real risk VietJet could move assets out of reach of its creditors while FWA continues its efforts to recover the money. The decision follows several earlier court rulings in FWA’s favour.

The dispute began over lease agreements for four Airbus A321 aircraft delivered to VietJet in 2018 and 2019 under financing arrangements known as Japanese Operating Leases with Call Options (JOLCO).

After the leases were terminated in October 2021, FWA took legal action to recover the money it said was owed. The UK High Court ruled in FWA’s favour.

In April 2025, VietJet was ordered to pay around $181.5 million in termination payments and outstanding rent. With additional interest and costs, the total debt later exceeded $250 million.

FWA recovered all four aircraft by December 2022 and exported them. However, taking back the aircraft did not settle VietJet’s remaining debt.

The latest ruling also examined agreements between VietJet and Angelica Holding Limited (AHL), a related company. Under these agreements, VietJet transferred almost all the value of its future aircraft order book, based on its value in December 2024, to AHL.

The court questioned what VietJet would receive in return. The judge described the expected payments as “wholly illusory” and raised concerns about some of the evidence VietJet had previously provided. These concerns helped convince the court that there was a real risk assets could be moved beyond creditors’ reach. The order does not mean VietJet’s aircraft orders have been cancelled.

The asset freeze follows another court decision on 30 September 2026, which considered FWA’s request to appoint receivers over certain VietJet assets.

The court found that appointing receivers over assets outside Vietnam was appropriate in principle, subject to further consideration of the terms and costs. The receivership and the worldwide freezing order are separate measures intended to help FWA recover the money owed.

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