In a move aimed at ensuring that Hong Kong will not be dislodged as the top Asian destination for dispute resolution, a subcommittee of Hong Kong’s Law Reform Commission wants to clear the path for funding for arbitrations heard in the Chinese city.
In a report released on Oct. 19, the Third Party Funding for Arbitration Subcommittee noted that a lack of clarity in Hong Kong law on whether third-party funding is allowed in arbitration may send parties to rival jurisdictions such as Singapore to settle their disputes. Hong Kong still outlaws maintenance and champerty, the practice of allowing an outside party to assist with a lawsuit in exchange for part of an award, although there are some exceptions to the bad. The subcommittee calls for an update in legislation that would explicitly permit third-party funding in arbitration.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
