{"longTitle":"A Bill to regulate the recovery of the defaulted sovereign debt of developing countries; and for connect purposes.","summary":"<p>The Bill seeks to regulate the recovery of sovereign debts of developing (low and middle income) countries that have defaulted on their external debt. It targets &lsquo;vulture funds&rsquo;, which buy up defaulted sovereign debt at a discounted rate then attempt to recover the full amount, including fees, through the courts. The Bill would:</p><ul><li>limit the maximum recoverable amount to that initially paid for the debt, plus interest or charges as specified in the Bill<br></li><li>introduce reporting requirements, with institutions requiring UK courts&rsquo; permission (copied to the UK Government and UK-based representative of the country concerned) before recovery proceedings for defaulted debt can begin<br></li><li>require institutions to disclose beneficiaries of recovery proceedings <br></li><li>require a vulture fund to declare payments or gifts given by it or its colleagues to the developing country&rsquo;s Government.</li></ul>","sponsors":[{"member":{"memberId":354,"name":"Ms Sally Keeble","party":"Labour","partyColour":"d50000","house":"Commons","memberPhoto":"https://members-api.parliament.uk/api/Members/354/Thumbnail","memberPage":"https://members.parliament.uk/member/354/contact","memberFrom":"Northampton North"},"organisation":null,"sortOrder":1}],"promoters":[],"petitioningPeriod":null,"petitionInformation":null,"agent":null,"billId":477,"shortTitle":"Developing Country Debt (Restriction of Recovery) Bill","formerShortTitle":null,"currentHouse":"Commons","originatingHouse":"Commons","lastUpdate":"2009-10-20T14:23:24","billWithdrawn":null,"isDefeated":false,"billTypeId":5,"introducedSessionId":22,"includedSessionIds":[22],"isAct":false,"currentStage":{"id":13346,"stageId":7,"sessionId":22,"description":"2nd reading","abbreviation":"2R","house":"Commons","stageSittings":[],"sortOrder":2}}