Failure to submit information required by the Companies Act within the prescribed time can lead to statutory fines and regulatory action. The consequences depend on the filing missed, the period of delay and the company’s circumstances.
Possible consequences
A company or responsible director or officer can face:
- fines for late statutory filings;
- difficulty processing later company-administration events;
- compliance queries from OCR;
- regulatory inspection or monitoring;
- complications in share transfers, amendments or deregistration;
- possible deregistration in circumstances provided by law.
The Companies Act contains specific penalties for failure to provide information required under provisions including sections 51, 78, 80, 120, 131 and 156.
Practical approach
A company with several years of pending filings should first identify every outstanding year and requirement before attempting a single corrective filing. Current OCR notices should also be checked because temporary penalty-remission or special deregistration arrangements can apply.