Debt Relief (Developing Countries) Act 2010
Act of ParliamentThis bill passed all stages in both Houses and received Royal Assent.
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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.
Progress through Parliament
- 1st reading· Commons
16 December 2009 – 16 December 2009
- 2nd reading· Commons
26 February 2010 – 26 February 2010
- Committee stage· Commons
9 March 2010 – 9 March 2010
- Report stage· Commons
7 April 2010 – 7 April 2010
- 3rd reading· Commons
7 April 2010 – 7 April 2010
- 1st reading· Lords
7 April 2010 – 7 April 2010
- 2nd reading· Lords
8 April 2010 – 8 April 2010
- Committee negatived· Lords
8 April 2010 – 8 April 2010
- 3rd reading· Lords
8 April 2010 – 8 April 2010
- Royal Assent· Unassigned
8 April 2010 – 8 April 2010
Source: UK Parliament Bills API. Bill ID: 570.