CORPORATIONS ACT 2001 - SECT 1317HC Compensation orders--financial benchmark rules or compelled financial benchmark rules

CORPORATIONS ACT 2001 - SECT 1317HC

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   908CF(1) (complying with rules about financial benchmarks); 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.

Damage includes profits

  (2)   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

  (3)   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

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