Superannuation Industry (Supervision) Act 1993

PART 21 - CIVIL AND CRIMINAL CONSEQUENCES OF CONTRAVENING CIVIL PENALTY PROVISIONS

Division 5 - Compensation for loss suffered by superannuation entity

SECTION 218 RECOVERY OF PROFITS, AND COMPENSATION FOR LOSS, RESULTING FROM CONTRAVENTION

218(1) [Proceedings to recover debt]

If a civil penalty provision in relation to a superannuation entity is contravened by a person other than a trustee of the entity, a trustee of the entity may, by proceedings in a court of competent jurisdiction, recover from the person, as a debt due to the trustee:

(a) if that or another person has made a profit because of the act or omission constituting the contravention - an amount equal to the amount of that profit; and

(b) if the entity has suffered loss or damage as a result of that act or omission - an amount equal to the amount of that loss or damage;

whether or not:

(c) the first-mentioned person has been convicted of an offence in relation to the contravention; or

(d) a civil penalty order has been made against the first-mentioned person in relation to the contravention.

View history note

218(2) [Period to commence proceedings]

Proceedings under this section may only be begun within 6 years after the contravention.

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