Debt relief law comes into force

James Qualtrough | March 1, 2013 | 0 Comments

New legislation designed to stop creditors, including so-called ‘vulture funds’, from pursuing inequitable payments through Jersey’s courts comes into force today (1 March 2013).

The enactment of the Debt Relief (Developing Countries) (Jersey) Law 2013 will make Jersey one of only three places in the world to have passed a law to limit practices that could undermine international debt relief. To date, the UK and the Isle of Man are the only other governments to have adopted similar legislation.

This law demonstrates Jersey’s commitment to play its part in the global effort, expressed in the UN Millennium Declaration, to support debt relief efforts intended to assist the world’s most heavily indebted poor countries.

Chief Minister, Senator Ian Gorst, commented: “We are proud to be joining the UK and the Isle of Man as one of only three governments worldwide to be leading the way in legislating against this pernicious practice. This new law sends a strong message that Jersey is fully committed to supporting international debt relief efforts.”