(1) Where a receiver or liquidator is in default in relation to the making or filing of a periodic account, abstract, statement or return in pursuance of any provision of the Companies Acts he shall be guilty of an offence and liable -
(a) on summary conviction to a fine not exceeding £1,500 and, for continued contravention, to a daily default fine not exceeding £50;
(b) on conviction on indictment to a fine not exceeding £10,000 and, for continued contravention, to a daily default fine not exceeding £250.
(2) A person convicted of an offence under any of the following provisions, namely section 262, 272, 306, 319(2) or 321 of the Principal Act, shall, in lieu of the penalty provided in any such section (as increased by section 15 of the Companies (Amendment) Act, 1982), be liable to the penalties specified in subsection (1).