Debt Relief (Developing Countries) Act 2010
Progress of the Bill
Bill started in the House of Commons
- House of Commons
- House of Lords
- Royal Assent
Act of Parliament
|Debt Relief (Developing Countries) Act 2010 c.22 | PDF version, 100KB||09.04.2010|
Latest news on the Debt Relief (Developing Countries) Act 2010
Following agreement by both Houses on the text of the Bill it received Royal Assent on 8 April. The Bill is now an Act of Parliament (law).
Summary of the Debt Relief (Developing Countries) Act 2010The Bill seeks to limit the amount that can be recovered by any commercial creditor of those countries designated as having unsustainable external debts. It would restrict the activities of so-called 'vulture funds', which buy developing countries' sovereign debt at discounted prices, then seek to recover its value in full through the courts. Its provisions would limit successful claims to an internationally agreed level and apply equally to all commercial creditors. The Bill would cover the 40 countries in the IMF/World Bank Heavily Indebted Poor Countries (HIPC) initiative. Debts incurred after the Bill's entry into force would be excluded.
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