§ Mr. MorganTo ask the President of the Board of Trade how many company directors and how many public limited companies of which they are directors have been given mandatory late filing penalties; how many company directors and companies have been given extensions of time for late filing; and what is the average length of time between warning letters in relation to late filing and sequential prosecution action by the Registrar of Companies(a) from April 1991 to March 1992 and (b) from April 1992 to October 1992.
§ Mr. Neil HamiltonSince the introduction of late filing penalties in July 1992, some 48,640 penalties have been levied on companies in Great Britain whose accounts have been filed late with Companies House. The penalties are levied on the company not on the directors. No extensions have been given for late filing: extensions can only be granted in exceptional circumstances before the period of time allowed for filing has elapsed. In the six months to November 1992, 2,003 applications were received and 559 were granted. The length of time between the issue of warning letters for late filing and subsequent prosecution depends upon the circumstances of each individual company and the available court time, but is usually about nine months.