Directors of a company must, within a specified period of time, to present the company's annual revenue and expenditure report or annual report or to present any types of legal documents required by laws, failure do so within a time limit, the company directors will be prosecuted according to the law. The board of directors will subject to a criminal record and impose a fine of up to £ 5,000.
What is more, the British company registration authority will de-register those companies that have ceased operations, the file will be de-registered and the company will be cancelled and void for all legal effect. All assets of the company, including its bank accounts and real estate, will be attributed to the British royal family for possession.
Directors of a company who are failure to file an annual income and expenditure on time, or an annual report on time, is subject to prosecution. Continuing failure to file legal documents on time will likely resulted in disqualification of the director as being a director for a certain period of time.