King & Wood Mallesons reviews the developments in Hong Kong and Singapore in relation to third party funding, and reviews developments and barriers facing Japanese parties. While many Japanese corporates choose Hong Kong or Singapore as the seat of arbitration – thereby ensuring that third party funding is available – the author notes that the legal framework for third party funding in Japan remains uncertain given that third party funding is not expressly prohibited but which suffers from a lack of clarity in relation to the assignment of claims – which may be treated as the creation of a trust and therefore prohibited – and the requirement that only attorneys are permitted to provide legal services or act as an intermediary in legal proceedings.
About Phillip Rompotis
Phillip practices as a barrister and arbitrator in Hong Kong. He has over 25 years’ litigation and arbitration experience in commercial disputes relating to construction & engineering, financial services, joint venture & shareholders agreements, technology, trusts, property and landlord & tenant. He is a Fellow of the Chartered Institute of Arbitrators, the Hong Kong Institute of Arbitrators, the Singapore Institute of Arbitrators, the Malaysian Institute of Arbitrators, and a member of various lists/panels of arbitrators.View