Law has a central role in both creating and resolving sovereign debt crises. I am very pleased to announce, alongside my colleagues Stephen Connelly and @celinetan.bsky.social, that our draft Debt Relief (Developing Countries) Bill—has been scheduled for debate in the UK Parliament! 🧵👇 - ThreadSky

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kpatricio.bsky.social • 78 days ago

Law has a central role in both creating and resolving sovereign debt crises. I am very pleased to announce, alongside my colleagues Stephen Connelly and @celinetan.bsky.social, that our draft Debt Relief (Developing Countries) Bill—has been scheduled for debate in the UK Parliament!

🧵👇

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kpatricio.bsky.social•78 days ago

This milestone follows the tabling of a private member’s bill by Bambos Charalambous MP in the House of Commons.

kpatricio.bsky.social•78 days ago

The Bill, scheduled for a second reading in spring next year, seeks to address two pressing challenges: (1) ensuring private creditor participation in sovereign debt restructurings, and

kpatricio.bsky.social•78 days ago

(2) fostering fairer engagement in multilateral debt relief initiatives like the G20’s Common Framework, designed to provide debt treatments for low-income countries facing severe distress.
Our proposal builds on the Debt Relief (Developing Countries) Act 2010, extending its principles to include...

kpatricio.bsky.social•78 days ago

... debt treatments under the CF and other designated initiatives. It ensures that recoverable debts are capped at the amount a creditor would have received if they had participated in these multilateral efforts.

kpatricio.bsky.social•78 days ago

As one of the world’s leading financial centres—and the venue for the enforcement of a significant share of sovereign debt contracts—the UK is uniquely positioned to strengthen multilateral efforts to address sovereign debt crises through targeted domestic legal measures.

kpatricio.bsky.social•78 days ago

Tackling unsustainable sovereign debt was one of the Labour Party’s manifesto pledges in this year’s election, and we sincerely hope the Government will honour this promise.

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