# Companies Act 2006, Section 715: Directors' statement: offence if no reasonable grounds for opinion


(1) If the directors make a statement under section 714 without having reasonable grounds for the opinion expressed in it, an offence is committed by every director who is in default.
(2) A person guilty of an offence under this section is liable—
(a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both);
(b) on summary conviction—
(i) in England and Wales, to imprisonment for a term not exceeding twelve months or a fine not exceeding the statutory maximum (or both);
(ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum (or both).

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Source: https://www.legislation.gov.uk/ukpga/2006/46/section/715 (the official version)
Page: https://openlegislation.uk/companies-act-2006/section-715
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.