27 January 2017
Third-party funding is the funding of costs of legal proceedings by an entity that has no direct interest in the outcome of the dispute. Recent changes to Singapore law now allow third-party funding in respect of international arbitration proceedings, and provide parties with a new tool for financing claims.
On 10 January 2017, Parliament passed into law the Civil Law (Amendment) Bill that allows third-party funding for international arbitration and related proceedings before the Singapore courts. The enactment of these widely anticipated legislative amendments confirms that new sources of funding will now be available to parties that are involved in or are contemplating international arbitration proceedings.