Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.10 - MARKET MISCONDUCT AND OTHER PROHIBITED CONDUCT RELATING TO FINANCIAL PRODUCTS AND FINANCIAL SERVICES  

Division 2A - Proportionate liability for misleading and deceptive conduct  

SECTION 1041L   APPLICATION OF DIVISION  

1041L(1)   [ Misleading or deceptive conduct]  

This Division applies to a claim (an apportionable claim ) if the claim is a claim for damages made under section 1041I for:


(a) economic loss; or


(b) damage to property;

caused by conduct that was done in a contravention of section 1041H .

1041L(2)   [ Single cause of action]  

For the purposes of this Division, there is a single apportionable claim in proceedings in respect of the same loss or damage even if the claim for the loss or damage is based on more than one cause of action (whether or not of the same or a different kind).

1041L(3)   [ ``concurrent wrongdoer'']  

In this Division, a concurrent wrongdoer , in relation to a claim, is a person who is one of 2 or more persons whose acts or omissions (or act or omission) caused, independently of each other or jointly, the damage or loss that is the subject of the claim.

1041L(4)   [ Limitation]  

For the purposes of this Division, apportionable claims are limited to those claims specified in subsection (1).

1041L(5)   [ Insolvency of concurrent wrongdoer]  

For the purposes of this Division, it does not matter that a concurrent wrongdoer is insolvent, is being wound up or has ceased to exist or died.


 

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