Section 694 of The Companies Act No. 17 of 2015: Company liable to default penalty for failure to lodge annual financial statement and reports with Registrar
(1) A company is liable to a default penalty if the requirements of section 683 are not complied with in relation to lodging the company’s annual financial statement and reports with the Registrar by the deadline for lodging them.
(2) The liability to a default penalty is in addition to any liability of the director sunder section 692.
(3) The amount of the liability is to be calculated in accordance with the regulations by reference to—
(a) the length of the period between the end of the period for lodging the financial statements and reports and the day on which the requirements are complied with; and
(b) whether the company is a private or public company.
(4) A default penalty is recoverable by the Registrar by proceedings brought in a court of competent jurisdiction.
(5) The Registrar is required to pay into the Consolidated Fund any penalty recovered in proceedings under subsection (4).
(6) It is not a defence in proceedings under this section to prove that the relevant financial statements or reports were not in fact prepared as required by this Part.
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