Daelim Corporation v Bonita Co Ltd (The “DL Carnation”) – QBD (Comm Ct) (Andrew Baker J) [2020] EWHC 697 (Comm) – 25 March 2020

Practice – Injunction to preserve assets in support of arbitration proceedings – Claimant and defendant each asserting debt as against third party – Third-party debtor willing to pay to whomever it was obliged to pay – Defendant refusing to agree to debt being paid into joint account on appropriate terms – Claimant obtaining ex parte injunction restraining defendant from taking steps to recover debt from third party – Whether injunction should be discharged – Arbitration Act 1996, section 44(3)

In June 2019 the claimant (Daelim), the first defendant (Bonita) and the second and third defendants jointly (EMIC) entered into a Termination and Settlement Agreement (the TSA) by which they settled terms for the early termination of bareboat charters under which Daelim had let to Bonita and Bonita had sub-let to EMIC the Panamax bulker DL Carnation.