Clause 1

Part of Debt Relief (Developing Countries) Bill – in a Public Bill Committee at 10:00 am on 9th March 2010.

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Photo of David Gauke David Gauke Shadow Minister (Treasury) 10:00 am, 9th March 2010

The hon. Gentleman is making a good point, and I say that not only because I also made that point on Second Reading. There is no equivalent of insolvency procedures for a country. Interfering with contractual rights is something that, by and large, we do not believe in doing in this country. However, we recognise that there are times when we have to do so in a case of bankrupt individuals and insolvent companies. He is making a helpful point; those are the narrow circumstances in which interfering with contractual rights can be accepted.