Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 2 · Administration of Act
12. Enforcement of duty to make returns
Feedback & supportLast amended by an amending law of 2020. 2 amendments in all.
This section applies if a VCC or any person —
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
having failed to comply with any provision of this Act (including the Companies Act 1967* or the IRDA as applied by this Act) or of any other law which requires any return, account, notice or other document to be filed or lodged with, or submitted to, the Registrar or the Official Receiver;
having failed to comply with any request of the Registrar or the Official Receiver to amend or complete and resubmit any document or to submit a fresh document; or
having failed to comply with the Registrar’s request under section 12D(7) of the Companies Act 1967 (as applied by section 11) to take such steps within such time as the Registrar may specify to ensure that any error or defect in any particulars or document in a register is rectified,fails to make good the failure within 14 days after service of the notice of the Registrar or the Official Receiver on the VCC or the person requiring compliance with the provision or request.
The Court may, on an application by any member or creditor of the VCC or by the Registrar or the Official Receiver, make an order directing the VCC, any officer of the VCC, or such person to make good the failure within the time specified in the order.
Such order may provide that all costs of and incidental to the application are to be borne by the VCC or by any officer of the VCC responsible for the failure, or by the person mentioned in subsection (2).
officer
“officer”, in relation to a VCC or other corporation, includes —(a)any director or secretary of the corporation or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)any liquidator of the corporation (being a VCC or company) appointed in a voluntary winding up,but does not include —(d)any receiver who is not also a manager;(e)any receiver and manager appointed by the Court;(f)any liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed by the Court under Part 8A of the Companies Act 1967 (if applicable);
Nothing in this section limits the operation of any written law imposing penalties on a VCC or its officers or such person in respect of the failure.