Section 715

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. A person guilty of an offence under this section is liable— on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both); on summary conviction— in England and Wales, to imprisonment for a term not exceeding twelve months or a fine not exceeding the statutory maximum (or both); 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: legislation.gov.uk · retrieved 2026-09-04