Clifford Chance
A Greek Tragedy, Act II: ACG v Olympic Airlines – Court of Appeal upholds conclusive Certificate of Acceptance
19 April 2013
Almost a year ago, we reported on the decision of the High Court in ACG Acquisition XX LLC v Olympic Airlines (in special liquidation) [2012] EWHC 1070 (Comm), involving an aircraft leased by ACG to Olympic which was found to be in a defective condition, after delivery and acceptance under the relevant lease.
Olympic appealed on the basis that the trial judge was wrong to find in favour of ACG on the grounds of estoppel by representation. The Court of Appeal has dismissed the appeal and its reasoning should reassure operating lessors and financiers seeking certainty in their English law governed lease agreements with airlines and other operators.
