7 November 2018, Abu Dhabi, UAE: ADGM Courts, the internationally recognised independent courts of ADGM, have issued a consultation paper inviting comments from the industry and the public on the proposed litigation funding rules (“Rules”) which are to apply to litigation funding agreements as defined in the ADGM Courts, Civil Evidence, Judgments, Enforcement and Judicial Appointments Regulations 2015. The proposed Rules will set out the highest standards of best practice in litigation funding for Abu Dhabi and wider UAE.
Third party funding has become a common component in financing litigation and arbitration proceedings in many leading civil and common law jurisdictions. The Rules have taken into consideration the frameworks that are in place in other international jurisdictions where third party funding is common practice.
The proposed Rules will provide parties with greater certainty on the enforceability of funding arrangements that have been entered into in connection with proceedings in ADGM. It is intended that the Rules will apply to funding agreements used in connection with both court litigation and arbitration proceedings conducted in ADGM. The public consultation includes the conditions and requirements of the funders and the types of funding structures.
ADGM Courts invite industry participants and the public to submit their comments on the proposed Rules by 5 December 2018 to firstname.lastname@example.org
For more details of the consultation, please click here.