Published on 20 Apr 2011 • England, Wales |
"(1) Unless otherwise agreed by the parties, the court has for the purposes of and in relation to arbitral proceedings the same power of making orders about the matters listed below as it has for the purposes of and in relation to legal proceedings.
(2) Those matters are - …
(e) the granting of an interim injunction ...
(3) If the case is one of urgency, the court may, on the application of a party or proposed party to the arbitral proceedings, make such orders as it thinks necessary for the purpose of preserving evidence or assets ...
(5) In any case the court shall act only if or to the extent that the arbitral tribunal...has no power or is unable for the time being to act effectively".
"Where a party pays money into court following an order under paragraph (3) or (5), the money shall be security for any sum payable by that party to any other party in the proceedings."
"Payment shall be made in full, without set-off, counterclaim, deduction and/or discount, free of bank charges."
"...ought to be that the money should be available as a secured fund against which one party to litigation can enforce against the other payment of such sums as may become due in connection with the litigation."