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Case Note - Dalian Huarui Heavy Industry International Company Ltd v Clyde & Co Australia (a firm) [2020] WASC 132

Journal article | September 2020 | Available for purchase & free for members

Abstract

This case provides an illustration of the use by an international arbitration tribunal of a pre-award power to direct security for the amount in dispute. The source of the power was s 12(1)(g) of the Singapore International Arbitration Act 1994 (‘SIAA’). There is no equivalent power in the International Arbitration Act 1974 (Cth) (‘IAA’), although such a power could be given to a tribunal by agreement. The WA Supreme Court considered the effect of a direction to give security in the exercise of that power and the terms of a trust agreement entered into by the parties to implement the direction. The court considered whether the circumstances were distinct from those applicable to a freezing order and gave rise to a security interest in the security monies under the Personal Property Securities Act 2009 (Cth) (‘PPSA’), and whether a later insolvency of the party giving the security made any difference.

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Thanks

We thank the authors of this Case Note Greg Steinepreis and the journal editor Russell Thirgood for their contribution to this journal.

Tags: Dispute resolution, Arbitration Award, Security, Arbitration