Ireland Approves Third Party Rules for International Arbitration Funding - Litigation Finance Journal

[Gunnar Larson]

Check out my new article:
https://litigationfinancejournal.com/ireland-approves-third-party-rules-for-international-arbitration-funding/


Ireland’s President has approved legislation that allows third parties to
finance international commercial arbitration. Historically, Ireland has
enacted a very restrictive approach to third party funding vehicles to
finance litigation costs in the name of champerty.


Mondaq reports that legislative approval of Ireland’s “Courts and Civil Law
(Miscellaneous Provisions) Act 2023” advances many provisions concerning
Ministerial Order. While Ireland still maintains a hawkish approach to
champerty, now litigation financiers can enter into investment agreements
to fund international arbitration proceedings.

Anticipation has been building that Ireland’s Law Reform Commission may
release new guidelines to vacate the broad prohibition of third party
funding. Specifically, Ireland has only approved third party funding of
dispute level proceedings, including international commercial arbitration,
mediation, conciliation and/or court proceedings derived from international
commercial arbitration. Previously, Ireland’s Supreme Court had been
hesitant to embrace the notion of litigation finance in any form.
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