find the latest legal job
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Legal Inhouse / Lawyer / Company Secretary
Category: Other | Location: Brisbane QLD 4000
· Fantastic Company · Potential to be Part Time / Flexible Work Pattern
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Hong Kong considers liberalising arbitration financing

Hong Kong considers liberalising arbitration financing

JustinDAgostino

In an effort to further consolidate its position as a leading centre for international arbitration, the Law Reform Commission of Hong Kong has recommended introducing third-party funding.

In a paper released on 19 October, the sub-committee proposed loosening the restrictions on funding arrangements.

Third-party funding contracts generally allow a percentage of the financial benefit of a litigation proceeding to go to a third party.

If there is no award from the proceedings, the third-party funder does not receive repayment on the funds it advanced to the funded party.

This kind of funding arrangement already exists in Australia, England, the US and many European countries.

Herbert Smith Freehills was among the groups advising the sub-committee – and was the only international law firm represented.

Justin D'Agostino (pictured), the regional managing partner for Asia and Australia, was a member of the sub-committee that produced the report.

"A recent survey found that – after London and Paris – Hong Kong was the third most popular location worldwide to settle commercial arbitration," said Mr D'Agostino.

"Moreover, Hong Kong’s court system is strictly independent and the territory has long been considered a pro-arbitration stronghold in Asia. Liberalising the funding rules will ensure Hong Kong maintains this leading position."

Mr D'Agostino said that third-party funding can provide essential access to justice for companies facing financial difficulty. 

“Also, as the scale and complexity of disputes increases, it is increasingly used by clients to mitigate the costs and risks of pursuing disputes," he said. 

Like this story? Subscribe to our free newsletter and receive Lawyers Weekly every day straight to your inbox.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Hong Kong considers liberalising arbitration financing
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Nov 24 2017
Demand lifts in 2017/18 for short-term finance to cover crises
Promoted by NWC Finance. The first five months of the 2017-18 financial year have seen unpreceden...
LCA welcomes religious freedom panel
Nov 24 2017
LCA welcomes religious freedom panel
The Law Council of Australia says the establishment of a panel which will examine the human right to...
Law Society launched a new website, legal politics and lawmaking
Nov 24 2017
Law Society launches project to engage young Aussies
The Law Society of NSW has launched a new website to engage young Australians in legal politics and ...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...