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Companies Act 2006

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Changes over time for: Section 534

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Point in time view as at 31/12/2020.

Changes to legislation:

Companies Act 2006, Section 534 is up to date with all changes known to be in force on or before 05 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

534Liability limitation agreementsU.K.
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(1)A “liability limitation agreement” is an agreement that purports to limit the amount of a liability owed to a company by its auditor in respect of any negligence, default, breach of duty or breach of trust, occurring in the course of the audit of accounts, of which the auditor may be guilty in relation to the company.

(2)Section 532 (general voidness of provisions protecting auditors from liability) does not affect the validity of a liability limitation agreement that—

(a)complies with section 535 (terms of liability limitation agreement) and of any regulations under that section, and

(b)is authorised by the members of the company (see section 536).

(3)Such an agreement—

(a)is effective to the extent provided by section 537, and

(b)is not subject—

(i)in England and Wales or Northern Ireland, to section 2(2) or 3(2)(a) of the Unfair Contract Terms Act 1977 (c. 50);

(ii)in Scotland, to section 16(1)(b) or 17(1)(a) of that Act.

Modifications etc. (not altering text)

C1Ss. 484-539 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 11 (with transitional provisions and savings in regs. 7, 9, Sch. 2)

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