The Singapore International Arbitration Centre (SIAC) is pleased to release for public consultation a draft of the SIAC Insolvency Arbitration Protocol (the “Protocol”). The draft Protocol and a Note on the draft Protocol can be accessed on our website at: https://siac-staging.cloudwps.net/siac-announces-public-consultation-on-the-draft-siac-insolvency-arbitration-protocol.
The Protocol is a specially designed mechanism to provide a procedure for arbitration at SIAC for resolution of disputes arising in relation to, or in anticipation of any insolvency proceedings, or for specific use in the context of insolvency notwithstanding whether such dispute arises in anticipation of, or in relation to, any insolvency proceedings. The Protocol is intended to apply where parties have agreed to use the Protocol to resolve their disputes by arbitration in the insolvency context. Practically, such consent may be contained in agreements executed prior to any dispute or insolvency proceedings, in agreements entered into during any insolvency proceedings, or on the recommendation of a court or other person such as an insolvency professional or liquidator to consider utilising arbitration for the resolution of disputes and claims in the context of any insolvency proceedings. Agreements to adopt the Protocol may also be made where there are no insolvency proceedings afoot or anticipated at the time of the agreement.
The Protocol adapts the SIAC Rules for use in the insolvency context with modifications made to ensure that the process is adapted to the nature of proceedings, and is time-efficient.
The Protocol is a first for an international arbitration institution in proposing the use of arbitration for the resolution of insolvency-related disputes and claims. It was developed by SIAC in close consultation with local and overseas judges, insolvency and arbitration practitioners, and the Court of Arbitration of SIAC.
You are invited to submit comments, feedback, and any suggestions on the draft Protocol during the consultation period running from 13 December 2024 to 17 January 2025. Comments can be submitted via email to corpcomms@siac-staging.cloudwps.net or on our website at https://siac-staging.cloudwps.net/siac-announces-public-consultation-on-the-draft-siac-insolvency-arbitration-protocol.
SIAC thanks in advance its supporters, users, and stakeholders for your valuable feedback.
The Press Release may be read in full here.