Section 729
Section 729(1) of the Corporations Act 2001 (Cth) provides that ‘a person’ who suffers loss because an offer of securities in a prospectus contravenes 
s 728 
of the Act may recover that loss from the person making the offer.
CORPORATIONS ACT 2001 – SECT 729
Right to recover for loss or damage resulting from contravention
Right to compensation
(1) A person who suffers loss or damage because an offer of securities under a disclosure document contravenes subsection 728(1) may recover the amount of the loss or damage from a person referred to in the following table if the loss or damage is one that the table makes the person liable for. This is so even if the persondid not commit, and was not involved in, the contravention.
| People liable on disclosure document | [operative] | |
| These people… | are liable for loss or damagecaused by… | |
| 1 | the person making the offer | any contravention ofsubsection 728(1) in relation to thedisclosure document |
| 2 | each director of the bodymaking the offer if the offer ismade by a body | any contravention ofsubsection 728(1) in relation to thedisclosure document |
| 3 | a person named in thedisclosure document with their consent as a proposed directorof the body whose securitiesare being offered | any contravention ofsubsection 728(1) in relation to thedisclosure document |
| 4 | an underwriter (but not a sub-underwriter) to the issue or sale named in the disclosure document with their consent | any contravention ofsubsection 728(1) in relation to thedisclosure document |
| 5 | a person named in thedisclosure document with their consent as having made astatement:(a) that is included in thedisclosure document; or
(b) on which a statement madein the disclosure document is based |
the inclusion of the statement in thedisclosure document |
| 6 | a person who contravenes, or is involved in the contravention of, subsection 728(1) | that contravention |
Note: Item 2– director includes a shadow director (see section 9).
(2) A person who acquires securities as a result of an offer that was accompanied by a profile statement is taken to have acquired the securities in reliance on both the profile statement and the prospectus for the offer.
(3) An action under subsection (1) may begin at any time within 6 years after the day on which the cause of action arose.
(4) This Part does not affect any liability that a person has under any other law.
Note: Conduct that contravenes subsection 728(1) is expressly excluded from the operation of section 1041H.
