In light of the continuing COVID-19 pandemic, with its punctuating new
waves and variants, and the war in Ukraine and accompanying global sanctions,
it is likely that the number of insolvent claimants demanding investment treaty
protection is on the rise. Against this background, it is the aim of this study
to examine who can represent insolvent claimants in arbitral proceedings. In
doing so, the authors examine the roles and representative powers of the
different stakeholders in cases where an insolvent claimant has sought
investment treaty protection in an arbitration brought against a State. By
assessing the roles of insolvency administrators, companies’ shareholders and
directors, and third- party funders, and analysing existing case law, the study
serves as a guide to parties establishing their case strategy and to
arbitrators faced with such issues.