International arbitration report

In this edition, we focused on the Shanghai International Economic and Trade Arbitration Commission’s (SHIAC) new arbitration rules, which take effect January 1, 2024; and also provide an overview of the new SCCA Arbitration Rules in the Kingdom of Saudi Arabia (KSA), highlighting some of the key innovations in the New Rules as well as the cost implications since the new Rules place an emphasis on greater efficiency.

Our lawyers highlight how the state of Venezuela currently has two acting governments. Under these circumstances, foreign courts are grappling with the unusual question of who should be recognized as acting on behalf of the state. We dive into how international arbitrations facilitated by litigation funding agreements (LFAs) have become commonplace in recent years. We next review enforceability issues, a key Supreme Court decision and the projected consequences. Our lawyers explain the exceptions to the enforceability of arbitration agreements in the Canadian context.

We examine compelling witness testimony under the 1996 Arbitration Act and navigate the inherent risks in compelling an uncooperative witness to give evidence in the hope that evidence will support the case at hand. Our lawyers then examine an extraordinary judgment from the English High Court on October 23, 2023, and how Nigeria successfully challenged a US$11 billion arbitral award under Section 68 of the Arbitration Act 1996 (the Act). We provide observations in respect of the arbitration proceedings.

Finally, we discuss the increase in global trade and business, often involving complex corporate structures in multiple jurisdictions, and highlight our expectation of a significant increase in cross-border insolvency and restructuring matters in coming years.