Third-party arbitration funding to be legalised in Ireland
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Helen McEntee
Third-party funding of international arbitration will be legalised in Ireland through an amendment to legislation currently before the Oireachtas, the Department of Justice has said.
The restriction on third-party funding will be removed through a government amendment to the Courts and Civil Law (Miscellaneous Provisions) Bill, which is currently before the Dáil, the Business Post reports.
Justice minister Helen McEntee announced the move in New York during an intensive three-day trip organised by Ireland for Law to promote the Ireland’s unique attributes as a centre for international legal services.
A spokesperson told the Business Post that the change will “improve Ireland’s competitive edge in a global battle to secure this international service”.
There is no suggestion at this stage that the restriction on third-party litigation funding will be eased — however, Ireland could come under pressure from the EU to break with tradition on this too.
The European Parliament’s committee on legal affairs this month recommended the introduction of an EU-wide legislative framework for third-party litigation funding, which could require Ireland to create provision for it for the first time.
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