Directors must make a declaration in the Directors’ Report that the financial statements comply with accounting standards, are true and fair and that the company is solvent. When signing financial statements, directors should keep in mind that they can face civil and criminal penalties for failing in their duties. So if one Director feels something is not right, and they will be insolvent as soon as those accounts are lodged, or knows something is going down that will drastically effect what he or she has signed off on, then whoever that Director is, would be correct in not signing them off, as he/she would be the one not getting into any issues further down the line.
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