Corporations Act 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.4B - CIVIL CONSEQUENCES OF CONTRAVENING CIVIL PENALTY PROVISIONS  

Division 1 - The Court may make declarations of contravention, pecuniary penalty orders, relinquishment orders, refund orders and compensation orders  

SECTION 1317HC   COMPENSATION ORDERS - FINANCIAL BENCHMARK RULES OR COMPELLED FINANCIAL BENCHMARK RULES  

Compensation for damage suffered

1317HC(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

1317HC(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

1317HC(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

1317HC(4)    
A compensation order may be enforced as if it were a judgment of the Court.