Hong Kong has recently seen a flurry of legislative activity in relation to third-party funding. The long anticipated law allows third parties to fund arbitrations seated in Hong Kong including related court and mediation proceedings, as well as work done in Hong Kong for arbitrations seated elsewhere. These legislative changes will come into force on 1 February 2019. In the light of these significant changes to the legal landscape, Herbert Smith Freehills’ Simon Chapman, Dominic Geiser, Briana Young and Priya Aswani have contributed the Hong Kong chapter to the 2019 edition of Getting the Deal Through: Litigation Funding.
The Guide provides expert local insight into third-party funding and related laws, and answers key questions in 21 jurisdictions. Topics covered include: (i) whether third-party funding is permitted; (ii) funding options; (iii) fees and interests 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.
It is hoped that the Guide 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.
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