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On 18 December 2002, following an application for Judicial Review, the High Court decided that the penalty regime under the Companies Act 1985 complied with the European Convention on Human Rights.

You can find the judgment in the case " R (on the application of Pow Trust and another) v Chief Executive and Registrar of Companies and another [2003] 2 BCLC 295" on the Court Service website

The judgement was also reported in The Times Law Report of 2 January 2003.
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