A law is to be brought in to stop the Isle of Man from being used by so-called ‘vulture funds’.
The Council of Ministers says the Island should introduce its own legislation equivalent to the UK Debt Relief (Developing Countries) Act 2010.
The act outlaws private equity or hedge funds buying up the debts of poor countries which owe huge amounts, for a fraction of their original worth.
They then use the UK courts to sue for the full value of the debt, plus interest.
There is no evidence of such funds operating on the Island at the moment, according to treasury minister Eddie Teare
Even so, he says it's a harmful practice which the Island should legislate against:
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