The Price is Right? Third party funding in Hong Kong and its potential impact on the construction industry
摘要
In the recently released “Report on Third Party Funding for Arbitration” (“Report”), the Law Reform Commission has recommended that the Arbitration Ordinance be amended to permit third party funding in arbitration, mediation and litigation proceedings under the Arbitration Ordinance. Though the reform still awaits passage through Hong Kong’s Legislative Council, should it go ahead it is likely to herald a flurry of activity in the funding space, with several funders having already set up shop in Hong Kong over the past 18 months in anticipation of the reform. The reform is also likely to have a significant impact on the construction industry which continues to rely on arbitration, mediation and litigation proceedings under the Arbitration Ordinance as its primary means of dispute resolution. This article discusses the background to and results of the Report some of the key takeaways for the construction industry in Hong Kong.
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