Commentary on Sections Compensation Section 59: Third party compensation: discretionary provision
158.Subsection (1) provides that a third party compensation order is about setting up a scheme for determining any compensation to be paid to persons other than a transferor, for example, any creditors of the failed bank who have suffered compensatable interference with a property right. Compensation for transferors is dealt with under compensation scheme orders.
159.Subsection (2) provides that a third party compensation order can be a part of a compensation scheme order or a resolution fund order or may be separate.
160.Subsection (3) provides that a third party compensation order may include provisions for arranging to appoint an independent valuer and to apply the valuation principles.