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Debt Relief (Developing Countries) Act 2010

Private Members' Bill (Ballot Bill)

Originated in the House of Commons, session 2009-10

Last updated: 13 April 2010 at 14:45

See full passage

Long title

A Bill to make provision for or in connection with the relief of debts of certain developing countries.

Summary

The 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.

Sponsors

Andrew Gwynne
Labour
Denton and Reddish
Baroness Quin
Labour
Life peer

Current version of the Bill

Debt Relief (Developing Countries) Act 2010 c.22
9 April 2010
Commons

Bill passage

Bill started in the House of Commons
1st reading
2nd reading
Committee stage
Report stage
3rd reading
Bill in the House of Lords
1st reading
2nd reading
Committee stage
Report stage
3rd reading
Final stages
Consideration of amendments
Royal Assent
Key
Complete
In progress
Not applicable
Not yet reached