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Developing Country Debt (Restriction of Recovery) Bill 2008-09

Type of Bill:
Private Members' Bill (under the Ten Minute Rule, SO No 23)
Sponsor:
Sally Keeble

Progress of the Bill

Bill started in the House of Commons

  1. House of Commons
    1. 1st reading
    2. 2nd reading
    3. Committee stage
    4. Report stage
    5. 3rd reading
  2. House of Lords
    1. 1st reading
    2. 2nd reading
    3. Committee stage
    4. Report stage
    5. 3rd reading
  3. Consideration of Amendments
  4. Royal Assent

Last event

Latest Bill

House Bill Date
Commons Bill as Introduced | PDF version, 85KB 08.05.2009

Latest news on the Bill

This Bill was presented to Parliament on 6 May. This is known as First Reading and there was no debate on the Bill at this stage.

This Bill was on the Order Paper for a Second Reading on several Fridays before being dropped by its sponsor, Sally Keeble.

 

Summary of the Bill

The Bill seeks to regulate the recovery of sovereign debts of developing (low and middle income) countries that have defaulted on their external debt. It targets ‘vulture funds’, which buy up defaulted sovereign debt at a discounted rate then attempt to recover the full amount, including fees, through the courts. The Bill would:

  • limit the maximum recoverable amount to that initially paid for the debt, plus interest or charges as specified in the Bill
  • introduce reporting requirements, with institutions requiring UK courts’ permission (copied to the UK Government and UK-based representative of the country concerned) before recovery proceedings for defaulted debt can begin
  • require institutions to disclose beneficiaries of recovery proceedings
  • require a vulture fund to declare payments or gifts given by it or its colleagues to the developing country’s Government.

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