SIAC consults on draft SIAC Insolvency Arbitration Protocol
23 January 2025
On 13 December 2024, the Singapore International Arbitration Centre (“SIAC”) launched its public consultation on a draft version of the SIAC Insolvency Arbitration Protocol (“Protocol”). The consultation closed on 17 January 2025.
SIAC explains that 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. Among other modifications, the Protocol modifies the timelines in relation to responses to the notice of arbitration, arbitrator nominations, challenges to an arbitrator, the making of final awards, and the submission of draft awards to Registrar.
Reference materials
The following materials are available on the SIAC website www.siac.org.sg: