The use of dispute finance in international arbitration has been growing in recent years in many jurisdictions around the world, driven by the growth in use, cost and complexity of international arbitration, together with increasing demands on arbitration parties and practitioners to manage the associated costs and risks.
Upon completion, the merger will form a global leader in disputes financing, with resources to provide seamless service to clients and their advisors throughout the globe.
Recent reports show that companies are forgoing millions of dollars in dormant claims and unpursued recoveries. An expected economic downturn is likely to exacerbate this problem as companies’ legal budgets are reduced further, making it less likely that funds will be expended on disputes. A legal recovery program, combined with dispute resolution finance, can mitigate these problems and generate revenue and value for companies.
Asia is the fastest-growing economic region in the world. Increasing regional cross-border investment leads to a rise in the number of international commercial disputes. The dispute resolution finance industry in Asia is still developing. However, growth of the industry is expected to be swift. IMF Bentham's Asia-based team have recently co-authored two articles on third-party dispute resolution finance in Singapore and Japan.
IMF Bentham is delighted to be recognised as the only ‘Band 1' funder in the Asia-Pacific from the legal industry’s leading global directory, Chambers and Partners. We are also one of only two funders ranked Band 1 in the United States.
Global dispute funder, IMF Bentham Limited, and Boies Schiller Flexner LLP (BSF), one of the leading litigation and arbitration firms in the world, have announced their agreement to provide up to US$30 million to fund international arbitrations globally or litigation in the US or UK for Vietnam-related cases. This is the first country-specific litigation funding deal for IMF Bentham in Asia.
The dispute finance industry is still at an early stage in India but is growing rapidly. Tom Glasgow, IMF Bentham’s Chief Investment Officer (Asia), was recently interviewed by VCCircle.com about third-party finance there.
The Hong Kong Department of Justice (“DOJ”) has published the much-anticipated Code of Practice for third-party funding of arbitration, which will regulate and provide guidance to the arbitration funding industry in Hong Kong. The DOJ has confirmed that the new provisions of the Arbitration Ordinance, which facilitate the funding of arbitration, will come into operation on 1 February 2019.
IMF Bentham Limited’s Cheng-Yee Khong participated in a number of exciting events at this year’s Hong Kong Arbitration Week, including serving as a judge at the Arbitration Debate 2018, speaking at a MARC event and attending the Arbitration Charity Ball.
IMF Bentham Limited’s Cheng-Yee Khong participated in the first leg of a roadshow held in London to launch the new MARC Arbitration Rules. The new Rules were officially launched in Mauritius and came into force in May 2018. The roadshow in London was held to inform practitioners and arbitrators about MARC and the development of international arbitration in Mauritius which has a supportive judicial system.
IMF Bentham Limited’s Cheng-Yee Khong attended IBA 2018, the International Bar Association’s Annual Conference, held in Rome this year. The IBA’s Annual Conference is the legal profession’s largest international event. Cheng-Yee was a panellist on a session titled, Arbitration and Litigation Finance in the Arab World.
IMF Bentham’s Clive Bowman and Tom Glasgow presented a workshop titled ‘Third Party Dispute Finance for corporates – The New Normal’ in Singapore on 19 September. The workshop was held during the 19th In-House Congress Singapore, part of the highly successful In-House Community Congress series, hosted by Pacific Business Press.
IMF Bentham was delighted to be invited to present to leading Chinese law firm, Tiantong & Partners, and their clients at a seminar in Beijing on 18 September. The presentation, by IMF Bentham’s Tom Glasgow and Cheng-Yee Kong, was titled “Developments of Third Party Funding in the APAC Region and the World – The New Method of Financing Cross Border Disputes”.
In a first for Singapore, the High Court has declared that a commercial third-party funding arrangement may proceed. On 11 September 2018, Justice Chua Lee Ming made a declaration permitting IMF Bentham to fund investigations and potential claims in the context of a major corporate collapse costing Singaporean retail investors hundreds of millions of dollars.
IMF Bentham’s Cheng-Yee Khong participated in a 3-day training session on international arbitration for elite Guangdong lawyers held in Shenzhen from 28 to 30 August. Cheng-Yee spoke about costs of arbitration and third-party funding.
Sir Rupert Jackson, former Lord Justice of the Court of Appeal of England and Wales, will be guest speaker at an invitation-only twilight seminar hosted by IMF Bentham Limited on 20 September 2018, at the International Arbitration Centre in Hong Kong.
IMF Bentham’s Ms Cheng-Yee Khong will be a guest speaker at this year’s STEP Asia Conference, taking place at The Grand Hyatt Hotel, Hong Kong on 20-21 November 2018.
