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Treasury aims to keep "vulture funds" out of Manx courts

Mon, 06 Feb 2012

Douglas Courthouse
Douglas Courthouse

The Treasury wants to prevent so-called vulture funds from coming to the Isle of Man.

Vulture Funds are businesses which buy up debt from third world countries before using courts in the UK to sue for the value of the debt plus interest.

The Isle of Man is looking to bring in legislation which would prevent such practice taking place in the Manx courts.

Treasury Minister Eddie Teare says the new law is a preventative measure [play clip]

 


Media

  • Eddie Teare MHK

 

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