The Limitation Acts apply to arbitral proceedings as they apply to legal proceedings.
The court may order that in computing the time prescribed by the Limitation Acts for the commencement of proceedings (including arbitral proceedings) in respect of a dispute which was the subject matter—
of an award which the court orders to be set aside or declares to be of no effect, or
of the affected part of an award which the court orders to be set aside in part, or declares to be in part of no effect,
the period between the commencement of the arbitration and the date of the order referred to in paragraph (a) or (b) shall be excluded.
In determining for the purposes of the Limitation Acts when a cause of action accrued, any provision that an award is a condition precedent to the bringing of legal proceedings in respect of a matter to which an arbitration agreement applies shall be disregarded.
In this Part "the Limitation Acts" means—
in England and Wales, the Limitation Act 1980, the Foreign Limitation Periods Act 1984 and any other enactment (whenever passed) relating to the limitation of actions;
in Northern Ireland, the Limitation (Northern Ireland) Order 1989, the Foreign Limitation Periods (Northern Ireland) Order 1985 and any other enactment (whenever passed) relating to the limitation of actions.