Textual Amendments
F1Ss. 10A-10C and cross-heading inserted (26.10.2023 but only so far as it confers a power to make regulations or relates to the exercise of the power, otherwise prosp.) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 125(4), 219(1)(2)(b)
(1)If the general partners fail to comply with section 10A or 10B an offence is committed by each general partner who is in default.
(2)But where the general partner is a legal entity, it does not commit an offence as a general partner in default unless one of its managing officers is in default.
(3)Where any such offence is committed by a general partner that is a legal entity, or any such offence is by virtue of this subsection committed by a managing officer that is a legal entity, any managing officer of the legal entity who is in default also commits the offence if—
(a)the managing officer is an individual, or
(b)the managing officer is a legal entity and one of its managing officers is in default.
(4)A person guilty of an offence under this section is liable on summary conviction—
(a)in England and Wales, to a fine;
(b)in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 5 on the standard scale.
(5)A general partner or managing officer is “in default” for the purposes of this section if they authorise or permit, participate in, or fail to take all reasonable steps to prevent, the contravention.]