Reimbursement from the WA Real Estate and Business Agents Fidelity Guarantee Fund under s 116(1) is limited to the capital sum misappropriated by the defaulting licensee and does not extend to consequential losses such as interest forgone. Amounts paid by the defaulting licensee to the claimant, even if purportedly as interest on fictitious transactions, must be deducted under s 117(2) as money received in reduction of loss. The Board, when joined as a party to a District Court appeal from its own decision, has standing to appeal further under s 79 of the District Court of Western Australia Act 1969.
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