LEGAL PROFESSION ACT 1987 - SECT 79C Meaning of "pecuniary loss"

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 79C

79C Meaning of "pecuniary loss"

(1) For the purpose of this Division, "pecuniary loss" resulting from a failure to account includes:

(a) the legal costs of a claimant that are due to the failure to account, and

(b) the legal costs involved in making and proving a claim, and

(c) interest that, but for the failure to account, would have been received by a claimant, calculated to the date on which the claim succeeds, being interest at a rate that does not exceed the rate prescribed by the Supreme Court Rules in respect of unpaid judgments as at that date.

(2) For the purpose of this Division, "pecuniary loss" resulting from a dishonest default is limited to:

(a) the amount required to satisfy the relevant judgment debt on the date on which the claim succeeds, and

(b) any interest required by law to be paid on the relevant judgment debt, and

(c) legal costs ordered by the court which delivered the relevant judgment to be paid by the solicitor to the claimant, and

(d) the reasonable costs of attempted enforcement of the relevant judgment, and

(e) the legal costs of the claimant in making and proving a claim.

(3) The amount of legal costs of making and proving a claim is:

(a) an amount agreed between the claimant and the Law Society Council, or

(b) if agreement cannot be reached--an amount assessed by a costs assessor under Division 6 of Part 11 on a reference by the Law Society Council.