Explanatory note

This Order brings into force on 1st July 1992 sections 1 and 11 in Part I of the Companies Act 1989 (Company Accounts) for the purpose of inserting a new section 242A (liability to civil penalty for failure to deliver accounts under section 242) into Part VII of the Companies Act 1985.

Article 3 makes transitional provision in cases where the requirements of section 242 of the Companies Act 1985 as to the delivering of accounts and reports have not been complied with before 1st July 1992, and have still not been complied with on that date. In such cases the period by reference to which the amount of the civil penalty is calculated under section 242A(2) is deemed to commence on 1st July 1992.