Michael McLaren QC and Harriet Jones-Fenleigh successfully represent ACG Acquisition XX LLC in US$10 million claim against Olympic Airlines
Michael McLaren QC and Harriet Jones-Fenleigh (instructed by Simmons & Simmons) represented ACG, the lessors of a Boeing 737, in its successful claim against Olympic Airlines, the Greek national airline (now in special liquidation) for over US$10 million in respect of unpaid rent and damages.
The proceedings involved disputes about the meaning of “airworthiness” and the effect of a Certificate of Acceptance and a “conclusive proof” clause in the lease agreement, both of which are common in aircraft dry leases.
The Commercial Court (Teare J.) found that Olympic was estopped from disputing the condition of the aircraft at delivery because it had signed a Certificate of Acceptance representing that it complied with the delivery condition set out in the lease agreement and ACG had relied on that representation to its detriment.
A copy of the judgment is available here: http://www.bailii.org/ew/cases/EWHC/Comm/2012/1070.html