The Debt Relief (Developing Countries) Act 2010 passed today


The Government took action today to prevent creditors from exploiting the poorest countries in the world through the UK courts.

Legislation to make permanent The Debt Relief (Developing Countries) Act 2010 was passed in the House of Commons today. The legislation will stop creditors, including so-called “Vulture Funds”, from using the UK courts to extract harsh and inequitable payments from poor countries for debts that the companies may in some cases have bought for a fraction of the cost.

The Act could save poor countries an estimated £145m over six years.

The original Debt Relief (Developing Countries) Act 2010 was passed in April 2010, temporarily restricting the actions of “Vulture Funds” in the UK. This act had a sunset clause meaning that it was due to expire on 7 June. To prevent Vulture Funds returning to the UK, the Government has passed legislation to make the law permanent.

Source:

http://nds.coi.gov.uk/content/Detail.aspx?ReleaseID=419528&NewsAreaID=2

Feel free to leave a reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.