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A New Reform for a Very New Year of International Arbitration and Third-Party Funding in Singapore

Author::Arthur Dong, Darren浏览次数: Jan 13,2017

Co-authored by Mr. Arthur Dong(Partner at AnJie Law Firm Darren Mayberry 

On January 10, 2017, Singapore enacted yet another landmark legal reform, renewing its status as a leading seat for international arbitration. Singapore has completely abolished the torts of maintenance and champerty. This will allow parties to international arbitration to engage attorneys on a contingency fee basis. In addition, Singapore has expressly declared that third-party funding agreements are neither illegal nor contrary to public policy. Third-party funding arrangements allow parties to borrow money from certified lenders to pay their lawyers or experts in advance, but at the cost of a significant portion of the expected recovery. Once the reform comes into effect, the changes will further solidify its status as  international arbitration hub.  

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