C7C2C3C4C5Part 15Accounts and reports
Pt. 15 applied (with modifications) (6.4.2008) by The Bank Accounts Directive (Miscellaneous Banks) Regulations 2008 (S.I. 2008/567), reg. 4, Sch. para. 1 (with Sch. para. 11)
Pt. 15 applied (with modifications) (6.4.2008) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), regs. 4, 7, Sch. Pt. 1
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)
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Chapter 12Supplementary provisions
Liability for false or misleading statements in reports F8and statements
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))
I1C1C6C8463Liability for false or misleading statements in reports F7and statements
1
The reports F3and statements to which this section applies are—
F1za
the strategic report,
a
the directors' report,
b
the directors' remuneration report, and
F2c
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4d
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 F5or statement to which this section applies, or
b
the omission from a report F5or 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 F6or 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.
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)