Recovery of amounts from other sources
7 Recovery of amounts from other sources
If a person who is entitled to, or who has received, a payment of compensation under this Schedule recovers from another person or source an amount in respect of the fiduciary default for which compensation is payable under this Schedule—
the person must immediately notify the Commissioner of the recovery of that amount; and
the person's entitlement to compensation under this Schedule is reduced by the amount recovered; and
if the recovery of the amount and any previous payment of compensation under this Schedule results in the person recovering a total amount in respect of a qualifying capital investment that exceeds the person's eligible capital loss, then the person must immediately pay the excess to the
Commissioner for crediting to the Fund (and that excess will, until paid, be a debt due to the Crown).
A person must not fail to comply with subclause (1)(a). Maximum penalty: Maximum penalty: $10 000.
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