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Hong Kong court lifts stay of proceedings for spent arbitration agreement
ZS Capital v Astor [2023] 3 HKC 512
This case involved an application to lift a stay in favour of arbitration in St Kitts & Nevis. The Hong Kong court of first instance granted the application on the basis that the arbitration agreement was spent. The court clearly illustrated when an arbitration agreement would be considered as spent relying on the principle that the handing down of a final award renders a tribunal functus officio.
This case also demonstrates the difference in the court's approach towards application for stay of the action and the awards when a set aside application is also made. Somewhat unusually, the lifting of stay for arbitration on this occasion has once again demonstrated the pro-arbitration attitude of the Hong Kong court.
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