C8C6C1C2C3C5Part 15Accounts and reports

Annotations:
Modifications etc. (not altering text)
C8

Pt. 15 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 162, 163 (with reg. 189)

C6

Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

C2

Pt. 15 applied (with modifications) (6.4.2008) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), regs. 4, 7, Sch. Pt. 1

C3

Pt. 15 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 16 (with transitional provisions and savings in regs. 7, 9, Sch. 2)

Chapter 12Supplementary provisions

Liability for false or misleading statements in reports F8and statements

Annotations:
Amendments (Textual)
F8

Words in s. 463 cross-heading inserted (with effect in accordance with reg. 2(3) of the amending S.I.) by The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 1 para. 13(c) (with reg. 2(6)(7))

I1C4C9C7463Liability for false or misleading statements in reports F5and statements

1

The reports F4and statements to which this section applies are—

F2za

the strategic report,

a

the directors' report,

b

the directors' remuneration report, and

F7c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6d

any separate corporate governance statement.

2

A director of a company is liable to compensate the company for any loss suffered by it as a result of—

a

any untrue or misleading statement in a report F1or statement to which this section applies, or

b

the omission from a report F1or statement to which this section applies of anything required to be included in it.

3

He is so liable only if—

a

he knew the statement to be untrue or misleading or was reckless as to whether it was untrue or misleading, or

b

he knew the omission to be dishonest concealment of a material fact.

4

No person shall be subject to any liability to a person other than the company resulting from reliance, by that person or another, on information in a report F3or statement to which this section applies.

5

The reference in subsection (4) to a person being subject to a liability includes a reference to another person being entitled as against him to be granted any civil remedy or to rescind or repudiate an agreement.

6

This section does not affect—

a

liability for a civil penalty, or

b

liability for a criminal offence.