Third Party Funding In International Arbitration

The Courts and Civil Law (Miscellaneous Provisions) Act 2023 (the "Act") has been signed by the President and third-party funding ("TPF") of international arbitration will be permitted in Ireland upon the relevant Commencement Order.

Historically, Irish legislation has remained silent on TPF for international arbitration and we have been faced with the continued recognition of the tort of Maintenance and Champerty, which precludes 3rdparty funding in Irish Civil litigation. However with the growing popularity of TPF for international arbitration and its increased popularity for commercial arbitrations internationally, Ireland has been faced with a challenge of how to promote Ireland as a centre for International arbitration. Realising the growing importance of aligning Irish Law with wider International law, the amendment to permit TPF for International Arbitration was initially announced by Minister Helen McEntee at an Ireland for Law event in New York in September