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.


 

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