Jersey: debt relief law enacted
March 8, 2013On 22 February 2013, the Debt Relief (Developing Countries) (Jersey) Law 2013 (the law), adopted by the States on 20 November 2012 and sanctioned by the Order of Her Majesty in Council on 12 February 2013, has been registered by the Royal Court.
The law limits activities that could undermine international debt relief efforts, with special reference to the common practice where companies or funds (vulture funds) buy sovereign debt at a substantial discount on the open market and then pursue private legal actions against the poorer country to recover the full sum.
The law entered into force on 1 March 2013. Currently, a similar legislation has been adopted by only the United Kingdom and the Isle of Man.
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