III Trust Arbitration as a Matter of National Law, 18 Trust Arbitration in Liechtenstein and Austria

Subject(s):

Arbitrability — Arbitral agreements — Arbitral tribunals — Arbitrators

This chapter considers the availability of arbitration to resolve internal trust and foundation disputes in Liechtenstein. It first describes the characteristics of the Liechtenstein trust and explains the basic concept of the Liechtenstein foundation. It then introduces Liechtenstein arbitration law and considers a set of specialized rules: the Liechtenstein arbitration rules issued by the Liechtenstein Chamber of Commerce in cooperation with the Liechtenstein Arbitration Association. The chapter focuses primarily on the law of Liechtenstein. Detailed discussions pertaining to the Austrian trust and foundation law have been deliberately left out because Austria does not recognise trusts and establishing private foundations (especially for tax purposes) is no longer particularly attractive under Austrian law. However, some characteristics of Austrian foundation law are presented. Because arbitration law is relatively similar in both Liechtenstein and Austria, Austrian arbitration law will not be discussed in great detail.