Regulation 71 Daily default fine

Section 1125 applies to LLPs for the purposes of these Regulations as follows—

“Meaning of “daily default fine”

1125.

(1)

This section defines what is meant in the Companies Acts where it is provided that a person guilty of an offence is liable on summary conviction to a fine not exceeding a specified amount “and, for continued contravention, a daily default fine” not exceeding a specified amount.

(2)

This means that the person is liable on a second or subsequent summary conviction of the offence to a fine not exceeding the latter amount for each day on which the contravention is continued (instead of being liable to a fine not exceeding the former amount).”.