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Bill · started in the Commons

Debt Relief (Developing Countries) Act 2010

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

Now an Act of Parliament

The story so farThe Debt Relief (Developing Countries) Bill was introduced in the House of Commons on 16 December 2009 by Andrew Gwynne (Labour). It completed its passage through Parliament and became law as the Debt Relief (Developing Countries) Act 2010, receiving Royal Assent on 8 April 2010.

What the bill does

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

  1. 1st reading Commons 16 Dec 2009
  2. 2nd reading Commons 26 Feb 2010
  3. Committee stage Commons 9 Mar 2010
  4. Report stage Commons 7 Apr 2010
  5. 3rd reading Commons 7 Apr 2010
  6. 1st reading Lords 7 Apr 2010
  7. 2nd reading Lords 8 Apr 2010
  8. Committee negatived Lords 8 Apr 2010
  9. 3rd reading Lords 8 Apr 2010
  10. Royal Assent Unassigned 8 Apr 2010

Source: the official bill page. Last updated 13 Apr 2010.