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Modifications etc. (not altering text)
C1Pts. 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
(1)A liability limitation agreement is not effective to limit the auditor's liability to less than such amount as is fair and reasonable in all the circumstances of the case having regard (in particular) to—
(a)the auditor's responsibilities under this Part,
(b)the nature and purpose of the auditor's contractual obligations to the company, and
(c)the professional standards expected of him.
(2)A liability limitation agreement that purports to limit the auditor's liability to less than the amount mentioned in subsection (1) shall have effect as if it limited his liability to that amount.
(3)In determining what is fair and reasonable in all the circumstances of the case no account is to be taken of—
(a)matters arising after the loss or damage in question has been incurred, or
(b)matters (whenever arising) affecting the possibility of recovering compensation from other persons liable in respect of the same loss or damage.
Modifications etc. (not altering text)
C2Ss. 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)