(1)  On payment of a claim from the Guarantee Fund, the Trust is subrogated to the rights and remedies of the claimant against any person in relation to the default to which the claim relates to the extent of the amount paid.

(2)  Without limiting subsection (1) , that subsection extends to a right or remedy against –

(a) the associate in respect of whom the claim is made; or

(b) the person authorised to administer the estate of the associate in respect of whom the claim is made and who is deceased or an insolvent under administration.

(3)  Subsection (1) does not apply to a right or remedy against an associate if, had the associate been a claimant in respect of the default, the claim would not be disallowed on any of the grounds set out in section 378(3) (Determination of claims).

(4)  The Trust may exercise its rights and remedies under this section in its own name or in the name of the claimant.

(5)  If the Trust brings proceedings under this section in the name of the claimant, it must indemnify the claimant against any costs awarded against the claimant in the proceedings.

(6)  The Trust may exercise its rights and remedies under this section even though any limitation periods under this Part have expired.

(7)  The Trust must pay into the Guarantee Fund any money recovered in exercising its rights and remedies under this section.