VULTURE FUNDS

Early day motion 618, tabled 14 January 2010 by Andrew Gwynne (Labour). Signed by 216 members.

That this House expresses concern at the activities of so-called vulture funds, which seek to profit unfairly from the defaulted debts of heavily-indebted poor countries; notes that the international community has already deemed many of these countries' debts unsustainable by agreeing to reduce or cancel them; further notes the actions of a minority of creditors who litigate to seek full repayment of defaulted debt by claiming payment via international trade and even aid transactions; is concerned at the use of UK courts for a high proportion of these cases; welcomes the work by the Jubilee Debt Campaign to highlight the activities of the vulture funds; and supports the provisions of the Debt Relief (Developing Countries) Bill introduced by the hon. Member for Denton and Reddish to limit the activities of vulture funds.

Signatures by party: Labour 127, Liberal Democrat 55, Conservative 15, Scottish National Party 6, DUP 4, Independent 2, Plaid Cymru 2, Social Democratic and Labour Party 2, Independent Labour 1, Respect 1, UUP 1.