Selig v Wealthsure Pty Ltd

Corporations – First and second respondents provided financial advice to appellants – First and second respondents found to have contravened various provisions of Corporations Act 2001 (Cth) ("Act") and Australian Securities and Investments Commission Act 2001 (Cth) – Whether liability should be limited to proportion of appellants' loss, having regard to comparative responsibility of other parties – Whether application of Div 2A of Pt 7.10 of Act limited to claims based on contravention of s 1041H of Act or also applies to other causes of action.

Procedure – Costs – Costs order against non-party – Where professional indemnity insurer had conduct of respondents' defence at trial and made decision to appeal – Where insurer acting in own interests by bringing appeal – Where respondents' cover under insurance policy was capped – Whether circumstances justified costs order against insurer who was a non party to proceedings.

Words and phrases – "apportionable claim", "proportionate liability".

Corporations Act 2001 (Cth) – ss 1041H, 1041I(1B), 1041L, 1041N(1); Pt 7.10, Div 2A.

Australian Securities and Investments Commission Act 2001 (Cth) – ss 12DA, 12GP(1); Pt 2, Div 2, subdiv GA.