Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1317HB

Compensation for damage suffered

             (1)  A Court may order a person (the liable person ) to compensate another person (including a corporation), or a registered scheme, for damage suffered by the person or scheme if:

                     (a)  the liable person has contravened subsection 798H(1) (complying with market integrity rules); and

                     (b)  the damage resulted from the contravention.

The order must specify the amount of compensation.

Note:          An order may be made under this subsection whether or not a declaration of contravention has been made under section 1317E.

             (2)  Subsection (1) does not apply in relation to a contravention by the operator of a licensed market acting in that capacity.

Damage includes profits

             (3)  In determining the damage suffered by a person or scheme for the purposes of making a compensation order, include profits made by any person resulting from the contravention.

Damage to scheme includes diminution of value of scheme property

             (4)  In determining the damage suffered by a registered scheme for the purposes of making a compensation order, include any diminution in the value of the property of the scheme.

Recovery of damage

             (5)  A compensation order may be enforced as if it were a judgment of the Court.