We provide an update on a significant law passed by the Singapore parliament this week, which will dramatically alter and improve the legal/arbitration landscape in Singapore in respect of third party funding.
In our November 2016 briefing (please click here for a copy) we discussed third party funding in arbitration proceedings in the context of imminent changes in Singapore law on provision of third party funding and a key English judgment. It has just been announced that these anticipated amendments to Singapore's Civil Law Act has been passed by Parliament will become law as soon as gazetted. What we anticipated in our November 2016 briefing is now likely to be realistic considerations for those practising in Singapore.
This is one of many developments in recent history which continue to solidify Singapore's regional and international prominence in international arbitration.