Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 888C

Amount of compensation payable

             (1)  The amount of compensation (including the value of any non-monetary compensation) to which a person is entitled in respect of a claim that is allowed is to be as determined in accordance with the regulations.

             (2)  Without limiting subsection (1), the regulations may do all or any of the following:

                     (a)  provide for the amount of compensation to be determined by agreement with the claimant, or by arbitration if agreement cannot be reached; and

                     (b)  provide for the payment of interest on the amount of the claimant's loss; and

                     (c)  provide for the amount of compensation to be reduced by reference to a right of set-off available to the claimant or by reference to the extent to which the claimant was responsible for causing the loss; and

                     (d)  impose an upper limit on the amount of compensation to which a person is entitled in respect of a claim in particular circumstances, or an upper limit on the total amount of compensation to which persons are entitled in respect of claims referable to a particular event or circumstance.

             (3)  An upper limit referred to in paragraph (2)(d) may be specified in the regulations or determined by a method specified in the regulations.

             (4)  The regulations may also provide for a claimant to be paid an amount in respect of the claimant's reasonable costs of, and disbursements incidental to, the making and proof of the claim (whether or not the claim is allowed in whole or in part).

             (5)  The regulations may also provide for a claimant to be paid an amount in respect of the claimant's reasonable costs of, and disbursements incidental to, attempting to recover the loss (whether or not the claim is allowed in whole or in part).



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