BRUSSELS, July 1, 2022 / PRNewswire / – The European Litigation Funders Association (“ELFA”) was established to serve as the European voice of commercial dispute financiers. government departments, international organizations and professional associations, and set standards of good practice to be promoted across the industry.
ELFA was founded by three leading funders of litigation with a presence in Europe, including deminor, Nivalion Incand Omni Bridgeway Limited. The current directors of ELFA are Karol Demoulin (Chief Investment Officer, Deminor); Marcel Wegmuller (Co-founder and Co-CEO, Nivalion AG) i Wieger Wieling (Managing Director of EMEA Omni Bridgeway) who will act as the founding president of ELFA. The intention of the association is to open up to all professional founders of litigation of greater or lesser size.
“ELFA membership will consist of professional investors active and present in the EU and will include both large established investors and small emerging investors,” he explained. wielinga. “My co-founders and I saw a clear need for this level of integration and focus on the EU. Not everyone knows that the cradle of the legal financing industry is right here in the EU, where it was founded thirty years ago. The creation of ELFA is a natural next step in the evolution of our industry. We are already in discussions with many interested financiers who are enthusiastic about ELFA. “
The association invites potential members who meet the ELFA membership criteria and adhere to the code of conduct of the association which is responsible for the mandate ELFA z is crucial. The Code establishes and promotes high industry standards, common principles and best practices in the interests of clients to ensure that dispute financers follow the same standards and institutional processes that clients expect from other financial partners.
explained in this context Demoulin“The creation of ELFA emphasizes the maturation of the industry in the financial services environment, while signaling a growing need for dispute resolution.” She continues: “In general, legal funding supports the rule of law. For companies, organizations or individuals with limited litigation funding, it facilitates access to the courts, ensuring that disputes are resolved on merit, not because you have a larger legal budget. Financing disputes helps to restore the balance. “
Typically, a commercial dispute financer will assume the fees and expenses of pursuing a claim, or upfront a portion of the value of a pending claim, in return for receiving a portion of the proceeds of the award or arbitration award if the case is successful.
Wegmuller noticed: “Deepening our understanding of our industry, the legal and financial role we play and the value we offer our clients is a cornerstone of ELFA’s goals. ELFA aims to be the primary and trusted source of information, research, commentary and inquiries on litigation and commercial legal financing in the EU ”.
The global development of Ligal Financing has led to the formation of associations representing other regions and industry participants. ILFA (International Legal Finance Association) represents the greatest financiers with an international presence and activity and ALF (Association of Litigation Funders) is represented by W. England and Wales active financiers.
“As Legal Finance was introduced in the EU in the late 1980s and has grown exponentially, especially in recent years, it is time to organize our collective voice to ensure transparency, sound rules and smart inclusion of our sector in EU legal fora and markets are still guaranteed ”, summarizes Wielinga. “We believe dispute financing can bring something of value to the legal ecosystem.”
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