Introduction of the SIAC Restructuring & Insolvency Arbitration Protocol
Contacts
Counsel
Singapore
I advise clients when they are in distress. From boardroom to courtroom, I help guide my clients on how to navigate through complex and special situations.
Related
Practices
Regions
Countries
Offices
On 26 August 2025, the Singapore International Arbitration Centre (the “SIAC”) announced the launch of the SIAC Restructuring and Insolvency Arbitration Protocol (the “RIA Protocol”), an arbitration framework tailored to resolve restructuring and insolvency-related disputes. This is achieved by applying the SIAC Rules with specific modifications and adaptations to ensure that any arbitration conducted under the RIA Protocol can meet the demands of restructuring and insolvency-related disputes.
Key features of the RIA Protocol include:
- Truncation of timelines: Certain timelines set out in the SIAC Rules have been modified to be truncated. This is set out in the table below.
SIAC Rules 2025 | RIA Protocol | |
Filing of response to notice of arbitration. | Within 14 days from the date of commencement of the arbitration (“Commencement”). | Within 7 days from Commencement. |
Appointment of sole arbitrator. | Jointly nominated within 21 days from Commencement. | Jointly nominated within 14 days from Commencement. |
Appointment of 3 arbitrators. | Claimant to nominate an arbitrator within 14 days from Commencement. Respondent to nominate an arbitrator within 14 days of receipt of Claimant’s nomination. | Claimant to nominate an arbitrator within 7 days from Commencement. Respondent to nominate an arbitrator within 7 days of receipt of Claimant’s nomination. |
Appointment of arbitrators where multiple Claimants and/or Respondents. | The Claimants and Respondents shall each jointly nominate an arbitrator within 28 days from Commencement. | The Claimants and Respondents shall each jointly nominate an arbitrator within 15 days from Commencement. |
Challenge to Arbitrators. | Within 15 days of (a) receipt of notice of appointment, or (b) when the reasons for challenge became known or should have reasonably been known. If within 7 days after notice of challenge is filed, all other parties agree to the challenge or the challenged arbitrator withdraws from office, the SIAC Court may appoint a substitute arbitrator. The SIAC Court required to provide reasons for its decision on the challenge. | Within 3 days of (a) receipt of notice of appointment, or (b) when the reasons for challenge became known or should have reasonably been known. If within 3 days after notice of challenge is filed, all other parties agree to the challenge or the challenged arbitrator withdraws from office, the SIAC Court may appoint a substitute arbitrator. The SIAC Court may determine that no reasons are to be provided in a decision on the challenge. |
Conduct of Proceedings. | Case management conference to be conducted as soon as practicable after constitution of the tribunal. | Case management conference to be conducted within 7 days after constitution of the tribunal. |
Issuance of final award. | No specific timeline under the SIAC Rules 2025. | Final award to be issued as soon as practicable and, in any event, within 6 months after constitution of the tribunal. |
- Simplified procedure: The default is that a sole arbitrator will be appointed in any arbitration under the RIA Protocol unless the Registrar determines otherwise. This default position applies even if parties state in their arbitration agreement that another number of arbitrators is to be appointed (however, this would be a relevant consideration for the Registrar).
- Mediation provisions: Parties may jointly request to attempt mediation. If so, the tribunal may suspend proceedings to allow parties to resolve their dispute, in whole or in part, through mediation. If parties successfully resolve their dispute through mediation, the tribunal may record the settlement in the form of a consent award.
- Arbitrability waiver: Parties who agree to arbitrate under the RIA Protocol also expressly agree not to raise and, insofar as such wavier can be validly made, expressly waive any objection to the arbitrability of any dispute, claim or controversy submitted to arbitration under the RIA Protocol, or any objections as to the scope of arbitrable issues or any argument that the dispute falls outside the scope of arbitration. Insofar as arbitrability is concerned, this raises an interesting issue of the implications of this waiver as not all restructuring and insolvency-related disputes are arbitrable.
To supplement the RIA Protocol, the following have also been announced:
- First, a guidance note has been released for parties and tribunals on cases administered under the RIA Protocol. This is intended to provide practical guidance on the applicability and use of the RIA Protocol.
- Second, the SIAC has established a specialist panel for restructuring and insolvency disputes (the “Specialist Panel”). This Specialist Panel comprise individuals with experience and expertise with restructuring and insolvency-related disputes and who can be appointed as arbitrators in arbitrations conducted under the RIA Protocol.
- Third, for parties who intend to make use of the RIA Protocol, the SIAC has published two model clauses to refer disputes to arbitration under the RIA Protocol where (a) the dispute has already arisen, and (b) the dispute may arise in the future
The introduction of the RIA Protocol reflects the pro-alternative dispute resolution environment in Singapore. This provides options and avenues for parties to resolve restructuring and insolvency-related disputes in an efficient and cost-effective manner and is yet another step to develop Singapore as a regional restructuring hub.
