WLF welcomes the recommendations from Hong Kong LRC
12 October 2016
Woodsford Litigation Funding Limited is at the forefront of developments in the law and practice of litigation funding around the world. We have liaised with the Singapore Ministry of Law’s public consultation on opening up access to justice in arbitral proceedings within Singapore, and we welcome a number of the recommendations from the Hong Kong Law Reform Commission ("LRC") report published on 12 October 2016.
In particular, we agree with the Hong Kong Law Reform Commission that:
-the proposed reforms are necessary to enhance Hong Kong's competitive position as an international arbitration centre. Other international jurisdictions, including Singapore and Ireland, should take note;
-the historic principles of maintenance and champerty, which have largely been swept away in England, Australia and U.S., should not apply to arbitration and associated proceedings under the Arbitration Ordinance;
-a party with a good case in law should not be deprived of the financial support it needs to pursue that case;
-there should be a "light touch" approach to the regulation of third party funding of arbitration in Hong Kong; and
-there is no need to give an arbitral tribunal the power to order security for costs against a third party funder, as the powers of an arbitral tribunal under the Arbitration Ordinance to order a party to give security for costs afford adequate protection.
Woodsford Litigation Funding is committed to access to justice, funding meritorious claims that might otherwise be thwarted by the costs and risks involved in high-value litigation and arbitration. Our existing portfolio of cases includes intellectual property litigation, investment treaty arbitrations and class actions. We are active in most of the key international centres for dispute resolution, including London, Paris, New York and Sydney, and we stand ready, willing and able to contribute to access to justice in Hong Kong. We foresee plenty of demand for third-party litigation funding in Hong Kong, and we look forward to working with lawyers and litigants on meritorious claims.