[MichaelZuo]

There are actually binding, UN treaties actually on outer space, one specifically on outer space debris.

The liability for any debris that hits something else in space, or hits something on Earth, lies with the launching nation of said debris. This has already occurred and been resolved once, when a USSR spy satellite hit northern Canada. https://en.wikipedia.org/wiki/Kosmos_954

I imagine if an incident were to occur and the launching nation didn’t compensate the UN security council could ultimately enforce some kind of punishment. If one of the permanent five refused, since all five are satellite launching nations, or closely tied (UK) to a satellite launching nation, there will be immense pressure to settle up.