Lawyer Monthly - December 2021 Edition

70 WWW.LAWYER-MONTHLY.COM | DEC 2021 MEDIATION AND ARBITRATION - HOW CAN INSOLVENCY IMPACT ONGOING ARBITRATION PROCEEDINGS? An arbitration agreement may be entered into under the condition that if, alternative dispute resolution (ADR) methods such as mediation or conciliation fail, this route would be pursued to ease a definitive outcome and conclude the chapter. Arbitration can neutralise parties and command cooperation following the appointment of an impartial arbitrator. A firm solution can be sought outside of the courts through arbitration, and therefore, every effort is injected into the process to ensure fairness to all parties involved. The process is often faster, cheaper, and held under a veil of privacy, which differs from formal litigation proceedings. The timeline for arbitration proceedings will be determined by the availability of all parties involved, including third-party arbitrators, or an arbitrator panel. The financial status of the parties involved will also dictate their ability to participate in arbitration proceedings and make a monetary commitment towards the arbitral award. Arbitration and insolvency – is this a viable combination? The coronavirus pandemic triggered unprecedented trading conditions and economic uncertainty, which tipped many healthy businesses in the UK into extreme financial distress. The ultimate How Insolvency Impact Arbitration Proceedings? Will insolvency action halt essential arbitration proceedings already underway? What activity in this vein have we seen during the COVID-19 pandemic? What else must be kept in mind when a party to a dispute is entering insolvency proceedings? Keith Tully, a partner at Real Business Venture, shares his knowledge on the ripple effect of insolvency on active dispute resolution proceedings. Can Ongoing