Contraventions of trustee duties
121 Contraventions of trustee duties
A person (other than STC) who suffers loss or damage as a result of conduct of another person who was engaged in a contravention of, or failed to comply with, section 51 or 73 may recover the amount of the loss or damage by action against that other person or any other person knowingly involved in the contravention.
An action under this section may be begun at any time within 6 years after the day on which the cause of action arose.
For the purposes of this section, a person is knowingly involved in a contravention if, and only if, the person—
has aided, abetted, counselled or procured the contravention, or
has induced, whether by threats or promises or otherwise, the contravention, or
has been in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the contravention, or
has conspired with others to effect the contravention.
This Act’s bill:Explanatory memorandumSecond reading speech
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