Jurisdiction(s):
United Kingdom

Key definition

Consolidation definition

What does Consolidation mean? In company law, consolidation (also called a share consolidation or reverse share split) is a share capital reorganisation in which a company combines existing shares into a smaller number of shares with a higher nominal value, typically without changing the aggregate nominal value of the issued share capital or shareholders’ proportional interests (subject to fractional entitlements). Example: five 5p shares become one 25p share. The power to consolidate shares is provided by legislation (Companies Act 2006 in the UK and Companies Act 2014 in Ireland) and is usually exercised by ordinary resolution, with implementation by the board in...

SIAC Arbitration Rules 2016—Multiple Contracts, Joinder and Consolidation: Criteria, Procedure and Impact pre- and post-constitution (Archived)

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Practice notes

ARCHIVED: This Practice Note has been archived and is not maintained. It is provided for background information only. On 22 August 2023, SIAC announced the public consultation of the Draft 7th Edition of the SIAC rules. The draft of the SIAC Rules, 7th Edition can be accessed here.

SIAC’s multi-party and multi-contract rules

This Practice Note considers the position of multiple contracts, joinder and consolidation under the arbitration rules of the singapore international arbitration centre (SIAC) (6th edition) 2016 (2016 SIAC Rules). The 2016 SIAC Rules apply to arbitrations commenced on or after 1 August 2016, unless the parties have agreed otherwise.

The 2016 SIAC Rules contain detailed provisions covering:

multiple contracts (2016 SIAC Rules, r 6)
joinder (2016 SIAC Rules, r 7)
consolidation (2016 SIAC Rules, r 8)

In this regard, SIAC follows other international arbitral institutions which have made similar provisions in their rules (see examples below) reflecting the types of disputes being arbitrated today.

Multiple contracts

SIAC has introduced a streamlined process for parties to consolidate disputes arising out of or in connection with multiple contracts (2016 SIAC Rules, r 6). Consolidation assumes significance when there is a...

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Web page updated on 21/05/2026

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