FRIDAY, FEBRUARY 16, 1990
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INCREASED PENALTIES FOR OFFENCES UNDER COMPANIES ORDINANCE
THE COMPANIES (AMENDMENT) (NO.2) ORDINANCE 1990 CAME
OPERATION TODAY (FRIDAY).
INTO
THE AMENDMENT INCREASED PENALTIES FOR OFFENCES UNDER THE COMPANIES ORDINANCE, SUCH AS FAILURE TO KEEP PROPER BOOKS OF ACCOUNT OR FILE CERTAIN RELEVANT INFORMATION IN THE COMPANIES REGISTRY, BRINGING THEM BROADLY INTO LINE WITH THOSE UNDER THE UK COMPANIES ACT 1985, AND CONSOLIDATED OFFENCES AND PENALTIES IN A NEW EASY-TO-READ SCHEDULE.
A ONE-TIME FINE WAS ALSO INTRODUCED IN ADDITION TO THE EXISTING DAILY FINE FOR CONTINUING OFFENCES.
THIS RECOGNISED THE TWO ASPECTS OF A CONTINUING OFFENCE, NAMELY, ITS INITIAL COMMISSION AND ITS CONTINUATION, BOTH FINES COULD BE IMPOSED ON FIRST CONVICTION.
THE
REGISTRAR GENERAL, MR NOEL GLEESON, SAID THE COMPANIES ORDINANCE WAS ALL ABOUT EFFICIENT COMPANY ADMINISTRATION AND THE DISCLOSURE OF CORPORATE INFORMATION TO THE PUBLIC IN RETURN FOR WHICH THE SHAREHOLDERS ENJOYED THE VERY CONSIDERABLE PRIVILEGE OF LIMITED LIABILITY IN THE CONDUCT OF THE COMPANY'S BUSINESS.
SOME COMPANY DIRECTORS, HOWEVER, SOUGHT TO ENJOY THE PRIVILEGE OF LIMITED LIABILITY WITHOUT ACCEPTING THEIR RESPONSIBILITIES UNDER THE ORDINANCE. THIS HAD LED TO 211 CONVICTIONS FOR OFFENCES DURING THE PAST 12 MONTHS.
MR GLEESON SAID IT WAS IMPORTANT THAT ALL COMPANY DIRECTORS, BOTH IN THE PUBLIC INTEREST AND IN THEIR OWN, SHOULD FULLY UNDERSTAND AND DISCHARGE ALL OF THEIR DUTIES AND OBLIGATIONS UNDER THE ORDINANCE.
BOOKLETS ARE AVAILABLE AT THE COMPANIES REGISTRY, 14TH FLOOR, QUEENSWAY GOVERNMENT OFFICES, ON SELECTED PROVISIONS OF THE COMPANIES ORDINANCE WITH SPECIAL REFERENCE TO THE DOCUMENTS REQUIRED TO BE FILED WITH THE COMPANIES REGISTRY.
FULL DETAILS OF THE NEW PENALTIES ARE ALSO AVAILABLE AT THE COMPANIES REGISTRY ON REQUEST.
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