ODCE publishes Annual Report for 2016

By Sinead Corcoran
17 July, 2017

The Office of the Director of Corporate Enforcement (ODCE) has published its Annual Report for 2016.

The ODCE notes that the principal outputs and achievements during the year were:

1. the submission of 5 investigation files to the Director of Public Prosecutions for consideration, with the associated recommendations including charges under both company law and the Criminal Justice (Theft and Fraud Offences) Act 2001;
2. the obtaining of 93 restriction undertakings from directors of insolvent companies, thereby avoiding the necessity for the underlying matters to be litigated before the High Court;
3. following the scrutinising of reports submitted by liquidators of insolvent companies, 90 company directors being restricted with a further 11 company directors being disqualified by the High Court;
4. the rectification of 60 cases of directors’ loans infringements with an aggregate value of approximately €17m, thereby furthering creditors’ interests;
5. the issuing of 108 directions to companies and their directors requiring compliance with a range of obligations under company law; and
6. the issuing of cautions to 61 companies and their directors.

In recent years the ODCE has made a conscious policy decision to devote less resources towards pursuing criminality on the less serious end of the scale in favour of concentrating its resources on investigating more serious indications of wrongdoing.

For more information please contact your usual contact at Ronan Daly Jermyn.