Prospectus filing obligation when a private company ceases private status; failure attracts daily penalties and liability for untrue statements. When a company alters its articles so it ceases to be a private company, it must file with the Registrar, within thirty days, either a prospectus or a statement in lieu of prospectus containing the matters and reports prescribed by the relevant Schedules, with any adjustments explained in a signed written statement; failure to comply incurs daily monetary penalties, and any authorised filer of a prospectus or statement containing an untrue or misleading statement faces criminal liability unless specific defences apply.