Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1041I

  (1)   A person who suffers loss or damage by conduct of another person that was engaged in in contravention of section   1041E, 1041F, 1041G or 1041H may recover the amount of the loss or damage by action against that other person or against any person involved in the contravention, whether or not that other person or any person involved in the contravention has been convicted of an offence in respect of the contravention.

  (1A)   Subsection   (1) has effect subject to section   1044B.

Note:   Section   1044B may limit the amount that the person may recover for a contravention of section   1041H (Misleading or deceptive conduct) from the other person or from another person involved in the contravention.

  (1B)   Despite subsection   (1), if:

  (a)   a person (the claimant ) makes a claim under subsection   (1) in relation to:

  (i)   economic loss; or

  (ii)   damage to property;

    caused by conduct of another person (the defendant ) that was done in contravention of section   1041H; and

  (b)   the claimant suffered the loss or damage:

  (i)   as a result partly of the claimant's failure to take reasonable care; and

  (ii)   as a result partly of the conduct referred to in paragraph   (a); and

  (c)   the defendant:

  (i)   did not intend to cause the loss or damage; and

  (ii)   did not fraudulently cause the loss or damage;

the damages that the claimant may recover in relation to the loss or damage are to be reduced to the extent to which the court thinks just and equitable having regard to the claimant's share in the responsibility for the loss or damage.

Note:   Division   2A also applies proportionate liability to a claim for damages under this section for a contravention of section   1041H.

  (2)   An action under subsection   (1) may be begun at any time within 6 years after the day on which the cause of action arose.

  (3)   This section does not affect any liability that a person has under any other law.

  (4)   Section   1317S (which provides for relief from liability) applies in relation to liability under subsection   (1) as if:

  (a)   the sections referred to in subsection   (1) were civil penalty provisions; and

  (b)   proceedings under subsection   (1) were eligible proceedings.

Note:   Relief from liability under this section may also be available (depending on the circumstances) under Division   4.