This paper explores the impact and effect of a Host State’s denunciation of the ICSID Convention, from an updated approach. To this end, the three theories developed by the literature and arbitral tribunals are addressed briefly. Additionally, this article delves into Honduras’ case due to its recent denunciation of the ICSID Convention. Overall, it is contended that distinctions need to be made when assessing the effects and impact of the ICSID Convention’s denunciation by a Host State, taking into account the specific wording of the applicable investment treaty. In most cases, the intermediate position fits better the applicable rules of interpretation. However, results may vary, as it is demonstrated by Honduras’ case.