Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 116

116 Liability for payment from the fund

(1) This section applies if—

(a) a person is named in the chief executive’s decision or QCAT’s order as being liable for a claimant’s financial loss; and

Note—

See sections 100 (Deciding claims), 105 (Deciding claims) and 106 (Orders QCAT may make on claim hearing).

(b) an amount has, under section 112 , been paid from the fund in settlement of the claimant’s claim.

(2) This section also applies if a person is the holder of an account under part 4 in relation to which the chief executive makes a special payment under section 115 .

(3) A person mentioned in subsection (1) (a) or (2) is the
"responsible person" for the amount.

(4) Each of the following persons is jointly and severally liable to reimburse the fund to the extent of the amount paid from the fund for the claim or special payment—

(a) the responsible person;

(b) if the responsible person is a corporation, each person who was an executive officer of the corporation when the relevant event mentioned in section 82 happened.

(5) The chief executive may recover as a debt from each person mentioned in subsection (4) an amount for which the person is, under the subsection, liable to reimburse the fund.

(6) Before taking action to recover the amount of the debt, the chief executive must give a letter of demand to the debtor requiring the debtor to pay the amount to the chief executive within 28 days after receiving the letter.