Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021
26 November 2021
On 12 November 2021, the Law Council appeared before the Parliamentary Joint Committee on Corporations and Financial Services as part of the Committee’s inquiry into the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021. While the Law Council supports the stated underlying purpose of the Bill, the Law Council opposes the Bill in its current form.
During the hearing, Law Council representatives addressed a number of concerns raised in the Law Council submission, including in relation to: its likely detrimental effect on access to justice; increased uncertainty for all parties involved in an action; restrictions on the discretion of the court; the prospect of significant satellite litigation; a return to a closed-class system; increased prevalence of multiple actions; increased uncertainty about the availability of common fund orders; and its constitutional status.
The Committee has reported and the Bill is now before the Senate for consideration.