Legislation Permitting Third-Party Funding Of Arbitration Enacted

Third-party funding of international commercial arbitration is now explicitly permitted in Ireland.

Certain Supreme Court judgments had previously cast doubt on the status of third-party funding in Ireland (as discussed in our previous insight on this topic here). However, the position has now been placed on a firm statutory footing following the signature into law by the President of the Courts and Civil Law (Miscellaneous Provisions) Act 2023Opens in new window (the "Act") on 5 July 2023.

The legislation, which is wide-ranging and covers many different areas, was amended during its passage through the Oireachtas to also include provisions confirming that the current restrictions on third-party funding of litigation in Ireland do not apply to international commercial arbitration.