Third party funding is a hot topic in Asia.
As noted on this blog, Singapore introduced legislation in 2017 to allow third-party funding in international arbitration and associated proceedings, including enforcement and mediation. Hong Kong’s funding legislation takes effect today.
Our Singapore team is already representing clients in two significant Singapore-seated arbitrations in which the claimants are third-party funded. It is understood that these are amongst the first funded arbitrations in Singapore. We expect Hong Kong arbitrations to generate high levels of interest in funding once the law is in force.
In the light of these exciting developments, Herbert Smith Freehills has contributed the Hong Kong and Singapore chapters of Getting the Deal Through: Litigation Funding 2019. The chapters discuss the trends and legal landscape for funding in both Hong Kong and Singapore.
The publication provides expert local insight into third-party funding and related laws, and answers key questions about 21 jurisdictions. Topics include: (i) whether third-party funding is permitted; (ii) funding options; (iii) fees and interest funders may charge; (iv) conditional or contingency fee agreements; (v) applicable legislative/regulatory provisions; (vi) termination of funding; (vii) after-the-event insurance; (viii) costs of litigation, adverse costs and security for costs; and (ix) disclosure and privilege.
Getting the Deal Through: Litigation Funding will be of interest to third party funders, lawyers and end-users of dispute resolution processes alike, to understand and navigate the latest developments in this area of the law.
Click here to view the publication.
The Singapore chapter was authored by Herbert Smith Freehills’ Alastair Henderson, Daniel Waldek and Emmanuel Chua.
The Hong Kong chapter was authored by Dominic Geiser, Simon Chapman, Priya Aswani and Briana Young.