Jurisdiction(s):
United Kingdom

Key definition

Availability definition

What does Availability mean? In asset-based lending, availability is the borrowing headroom a borrower can draw at a given time, calculated by reference to the agreed borrowing base. It is a commercial term used in ABL facility agreements rather than a concept defined by legislation or case law in England & Wales, Scotland, Northern Ireland or Ireland. Availability typically equals the sum of advance rates applied to eligible asset classes (commonly receivables and inventory/stock, and sometimes plant and machinery or real estate components) less agreed reserves and less current utilisation, and is always capped by the facility limit. It is affected by eligibility criteria,...

South Korea arbitration interim relief under the Korean Arbitration Act (Model Law 2006): court attachments and injunctions; tribunal measures and enforcement; judicial assistance with evidence; no emergency arbitrator

Published by a LexisNexis Arbitration expert

Practice notes

This Practice Note considers the Availability of interim and emergency measures from arbitral tribunals and the Korean courts under the law of South Korea.

The Korean Arbitration Act (KAA) is founded on the 1985 UNCITRAL Model Law, and embraces the Model Law’s provisions dealing with interim relief. With effect from 30 November 2016, amendments to the KAA took effect, allowing Enforcement of interim measures granted in arbitral proceedings governed by the Act—that is, arbitrations seated in South Korea—by incorporating the interim measures regime set out in the 2006 version of the Model Law. Those updated provisions on interim measures apply to matters commenced after that effective date. Under Korean law, interim relief is not the exclusive preserve of either the courts or arbitral tribunals; parties may request such measures from the court (KAA, art 10) or from the arbitral tribunal (KAA, art 18). The Korean courts are supportive of arbitration, prepared to grant provisional remedies in aid of arbitral proceedings, and to invoke the KAA’s tools enabling courts to assist arbitral tribunals in obtaining evidence for use in arbitration. This approach is consistent with a pro-arbitration stance on assistance and temporary protection. In addition, there is no requirement under Korean...

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Hye Sung Kim

Kim & Chang

Hye Sung Kim is an attorney in the firm's International Arbitration & Cross-Border Litigation Practice. Ms. Kim represents both domestic and international clients in various cross-border disputes and has extensive experience in cross-border litigations, and international arbitration cases administered by ICC, LCIA, LMAA, SIAC, KCAB and AAA. Her recent work includes representing world's leading companies and Korean companies in multinational disputes in litigation and arbitration involving China, Korea, Japan, UK, US, France, Netherland, Norway, Germany, Australia, Italy and Canada. The disputed matters include issues related to construction, sales, insurance, reinsurance, shipbuilding, hedge trading and intellectual property. Ms. Kim has been recognized by several leading legal directories, including Benchmark Litigation Asia-Pacific where she was named a 'Future Star' in Commercial and Transactions as well as in International Arbitration in 2018. The Legal 500 Asia Pacific also listed her as a 'Next Generation Lawyer' in...

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