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Application of sections 105(5) and 106 of VCC Act

Variable Capital Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance Sheet) Regulations 2020

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—(1) Subject to the modification in paragraph (2) —(a)section 105(5) of the VCC Act applies to a default in complying with regulation 7(1)(a) as it applies to a default in complying with section 105(1) of the VCC Act; and(b)section 105(5) of the VCC Act applies to a default in complying with regulation 7(1)(b) as it applies to a default in complying with section 105(4) of the VCC Act.(2) The modification mentioned in paragraph (1) is that the reference in section 105(5) of the VCC Act to a copy of the financial statements, or the consolidated financial statements and balance sheet, of a VCC and all documents mentioned in section 105(1) and (2) of the VCC Act, is to —(a)a copy of the revised financial statements, or the revised consolidated financial statements or balance sheet;(b)a copy of the new directors’ statement on the revised financial statements, or the revised consolidated financial statements or balance sheet; and(c)a copy of the auditor’s report on the revised financial statements, or the revised consolidated financial statements or balance sheet.(3) Subject to the modifications in paragraphs (4) and (5), section 204 of the Companies Act (as applied by section 106(1) of the VCC Act) applies to the failure of a director to comply with the following provisions applied by regulation 4:(a)section 100(1), (2), (3), (4) and (5) of the VCC Act;(b)section 201(8), (9), (11), (13), (14), (16) and (17) of the Companies Act as applied by section 100(6) of the VCC Act.(4) For the purposes of paragraph (3), a reference in a provision of section 204 of the Companies Act in the first column of the following table, to a provision of the Companies Act (called in this paragraph a referred provision) in the second column of the table, is to a provision applied by regulation 4 in the third column of the table opposite the referred provision:Provision of section 204 of Companies ActReferred provisionProvision applied by regulation 4 read in place of referred provisionSubsection (1)Section 201(2)Section 100(2) of the VCC ActSection 201(5)Section 100(3) and (4) of the VCC ActSection 201(16)Section 201(16) of the Companies Act (as applied by section 100(6) of the VCC Act)Subsection (1A)(a)Provisions of Division 1 of Part VI of the Companies Act other than section 201(2), (5) or (16) of that Act(a)section 100(1) and (5) of the VCC Act; and(b)section 201(8), (9), (11), (13), (14) and (17) of the Companies Act (as applied by section 100(6) of the VCC Act)Subsection (2)Provisions of Division 1 of Part VI of the Companies Act preceding section 204 of that Act(a)section 100(1), (2), (3), (4) and (5) of the VCC Act; and(b)section 201(8), (9), (11), (13), (14), (16) and (17) of the Companies Act (as applied by section 100(6) of the VCC Act)Section 201(a)section 100(1), (2), (3), (4) and (5) of the VCC Act; and(b)section 201(8), (9), (11), (13), (14), (16) and (17) of the Companies Act (as applied by section 100(6) of the VCC Act).(5) In addition to the modifications mentioned in paragraph (4) —(a)a reference in section 204(2) of the Companies Act to the financial statements of a company is to the revised financial statements of a VCC; and(b)a reference in section 204(2) of the Companies Act to the consolidated financial statements of a parent company is to the revised consolidated financial statements of a VCC that is a parent company.(6) For the purposes of paragraph (3) —(a)a reference in section 201(16) of the Companies Act to the financial statements, or the consolidated financial statements or balance sheet, of a company is to the financial statements, or the consolidated financial statements or balance sheet, of a VCC; and(b)the reference in section 201(16) of the Companies Act to the Twelfth Schedule to that Act is to the Second Schedule to the VCC Act.(7) [Deleted by S 209/2026 wef 06/05/2026](8) [Deleted by S 209/2026 wef 06/05/2026]

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