(1) Where the requirements of section 441 are not complied with in relation to a company's accounts and reports for a financial year before the end of the period for filing those accounts and reports, the company is liable to a civil penalty.
This is in addition to any liability of the directors under section 451.
(2) The amount of the penalty shall be determined in accordance with regulations made by the Secretary of State by reference to -
(a) the length of the period between the end of the period for filing the accounts and reports in question and the day on which the requirements are complied with, and
(b) whether the company is a private or public company.
(3) The penalty may be recovered by the registrar and is to be paid into the Consolidated Fund.
(4) It is not a defence in proceedings under this section to prove that the documents in question were not in fact prepared as required by this Part.
(5) Regulations under this section having the effect of increasing the penalty payab
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