Limitation of liability by reference to amount of business assets
23 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:
(a) 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 person; or
that:
(i) the person has business assets and the benefit of an insurance policy insuring the person against that occupational liability; and
(ii) 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 person;
the person is not liable in damages in relation to the cause of action above the amount so specified.
This Act’s bill:Second reading speech
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