Court powers to order the reduction of a corporation's market share (divestiture)
Competition and Consumer Amendment (Divestiture Powers) Bill 2024
Private Member's Bill1st House
2nd House
Law
Introduced by: Nick McKim (GRN)
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The Court can order a corporation to reduce its market power or share within two years; this happens if the Commission applies and the corporation broke market power laws.
The Commission must apply for this order within three years of the law being broken.
The Court can make this order by consent of all parties; it does not need to find that the law was broken first.
The Court can accept a voluntary undertaking from the corporation; the company takes specific actions to reduce its market power instead of facing a court order.