Credit Review Act 2026

Liability for loss occurring before establishment day

36. (1) A claim in respect of any loss or injury alleged to have been suffered by any person arising out of the performance, before the establishment day, of any of the functions of the Credit Reviewer under the Guidelines shall, on and after the establishment day, lie against the Service.

(2) Where, before the establishment day, agreement has been reached between the parties concerned in settlement of a claim to which subsection (1) relates, the terms of which have not been implemented, or judgment in such a claim has been given in favour of a person but has not been enforced, the terms of the agreement or judgment, as the case may be, shall, in so far as they were, before the establishment day, enforceable against the Credit Reviewer, be enforceable on and after the establishment day against the Service and not the Credit Reviewer.

(3) Any claim made or proper to be made by the Credit Reviewer in respect of any loss or injury arising from the act or default of any person before the establishment day shall, on and after the establishment day, be regarded as having been made by or proper to be made by the Service and may be pursued and sued for by the Service as if the loss or injury had been suffered by the Service.