Satisfaction of claims
64 Satisfaction of claims
The Society must satisfy any valid claim under this Part, to the extent determined by the Society or the Supreme Court, out of the Fidelity
Fund.
Where the Society has published a notice under this Part in respect of a specified fiduciary or professional default, or a specified series of fiduciary or professional defaults, the maximum amount that may be applied towards satisfaction of all claims to which the notice relates is a percentage (which must not be less than 20%) prescribed by regulation for the purposes of this subsection of the balance of the Fidelity Fund (calculated to the nearest
$1 000) as disclosed in the accounts of the Fidelity Fund last audited before the proposed application of money towards satisfaction of the claims.
Where the maximum amount that may be applied to satisfy claims made in respect of a fiduciary or professional default, or a series of fiduciary or professional defaults, does not permit the full satisfaction of the claims, the
Society must apportion that amount between the various claims in such manner as it thinks just.
The Society, in apportioning payments under this section, must take into account the relative degrees of hardship suffered or likely to be suffered by the various claimants as a result of non-payment of the full amount of the claim for compensation.
Where the Society apportions payments under this section, the claims in respect of which the payments are made are discharged notwithstanding that they may not have been satisfied in full.
The Society may, with the approval of the Attorney-General, make further payments to any person—
whose claim has not been satisfied in full by reason of the operation of subsection (2), or for any other reason;
or
whose claim is barred, but any payment so made does not revive or reinstate a claim.
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