Commonwealth Consolidated Acts Commonwealth Consolidated ActsCompensation for penalties incurred etc.
(1) A Court may on application under subsection (5) order a person to compensate a CCIV for loss or damage suffered by the CCIV if:
(a) the CCIV contravened, or allegedly contravened, a provision covered by subsection (2); and
(b) the loss or damage is:
(i) a pecuniary penalty to which the CCIV is liable in respect of the contravention or alleged contravention; or
(ii) an amount paid by the CCIV in settlement of proceedings in respect of the contravention or alleged contravention; and
(c) the person was the corporate director of the CCIV at the time of the contravention or alleged contravention; and
(d) the exception in subsection (3) does not apply.
The order must specify the amount of the compensation.
State and Territory offences and civil penalty provisions
(2) A provision of a law of a State or Territory is covered by this subsection if a contravention of the provision is an offence, or subject to a civil penalty.
Exception where liquidator etc. acting
(3) Subsection (1) does not apply if the conduct constituting the contravention or alleged contravention was engaged in solely as a result of an exercise of powers by:
(a) a liquidator or provisional liquidator of a sub-fund of the CCIV; or
(b) a receiver, or receiver and manager, of the property of a sub-fund of the CCIV; or
(c) a trustee or other person administering a compromise or arrangement made between the CCIV and someone else.
Recovery of damage
(4) A compensation order may be enforced as if it were a judgment of the Court.
Who may apply
(5) An application for a compensation order under this section may be made by any of the following:
(a) ASIC;
(b) a member of the CCIV;
(c) the CCIV.
Other laws not affected
(6) This section does not affect any liability that a person has under any other law.