A/HRC/33/54 Report of the Human Rights Council Advisory Committee on the activities of vulture funds and the impact on human rights Contents Page 2 I. Introduction ...................................................................................................................................... 3 II. What are vulture funds? ................................................................................................................... 3 III. Case studies ...................................................................................................................................... 6 A. Donegal International v. Zambia ............................................................................................. 6 B. FG Hemisphere v. Democratic Republic of the Congo ............................................................ 7 C. NML Capital Limited. v. Argentina ......................................................................................... 8 IV. Disruptive litigation: a growing trend ............................................................................................. 9 V. National legislation .......................................................................................................................... 11 VI. Forging international consensus ....................................................................................................... 13 VII. Towards a multilateral framework on debt restructuring ................................................................. 14 VIII. Impact of the activities of vulture funds on human rights ................................................................ 15 IX. Strengthening a human rights-based approach ................................................................................. 19 X. Conclusions and recommendations .................................................................................................. 21