Limitation of liability by reference to amount of business assets
22 Limitation of liability by reference to amount of business assets
A scheme may provide that if a person to whom the scheme applies and against whom a proceeding relating to occupational liability is brought is able to satisfy the court:
that the person has business assets the net current market value of which is not less than the amount of the monetary ceiling specified in the scheme in relation to the class of person and the kind of work to which the cause of action relates, or
that:
the person has business assets and the benefit of an insurance policy that insures the person against that occupational liability, and
the net current market value of the business assets and the amount payable under the policy in respect of that occupational liability, if combined, would total an amount that is not less than the amount of the monetary ceiling specified in the scheme in relation to the class of person and the kind of work to which the cause of action relates,
the person is not liable in damages in relation to that cause of action above the amount of the monetary ceiling so specified.
This Act’s bill:Explanatory memorandumSecond reading speech
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