SCHEDULE 3PROVISIONS RELATING TO OLD PUBLIC COMPANIES
Failure by old public company to obtain new classification6
1
If at any time a company which is an old public company has not delivered to the registrar of companies a declaration under paragraph 5, the company and any officer of it who is in default is guilty of an offence unless at the time the company—
a
has applied to be re-registered as a public company, and the application has not been refused or withdrawn, or
b
has passed a special resolution not to be re-registered as a public company, and the resolution has not been revoked, and has not been cancelled under section 98 of the Companies Act 2006 as applied by paragraph 4.
2
A person guilty of an offence under this paragraph is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.