378. Where and for how long records to be kept: contraventions
Past version: effective from 21/10/2015 - 20/10/2015
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(1) If an LLP fails to comply with any provision of subsections (1) to (4) of section 377 (where and for how long records to be kept), a contravention of the Companies Regulations is committed by every member of the LLP who is in default.
(2) A person does not commit the contravention referred to in subsection (1) if he shows that he acted honestly and that in the circumstances in which the LLP's business was carried on the default was excusable.
(3) A member of an LLP commits a contravention of the Companies Regulations if he —
(a) fails to take all reasonable steps for securing compliance by the LLP with subsection (4) of that section (period for which records to be preserved), or
(b) intentionally causes any default by the LLP under that subsection.
(4) Subject to subsection (2), a person who commits the contraventions referred to in subsection (1) shall be liable to a level 2 fine.
(5) A person who commits the contraventions referred to in subsection (3) shall be liable to a fine of up to level 5."