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01.06.2009
Launch of ODCE Annual Report 2008
On 29th May Mr Paul Appleby, the Director of Corporate Enforcement published his office’s Annual Report 2008.
As part of its information service the ODCE has published a detailed Company Law Handbook and Guidance on Property Management Companies. This is aimed at Property Management Companies to help improve their governance.
The report notes that there were a total of 32 convictions, 20 disqualifications and 1 restriction. A record amount of €46,600 in fines was imposed. 12 of the 20 disqualifications arose in relation to dissolved insolvent companies.
The report highlights a fourfold increase to €134,000,000 in the amount of excessive director’s loans reported by Auditors mainly in construction and property companies.
The report also highlights the first conviction of a Company Director for knowingly using company assets in breach of the legal restriction on giving loans to Directors.
The ODCE continues with its policy of urging compliance with Companies Act through presentations and public events.
Expenditure in 2008 amounted to €4,340,000 which was a slight decrease compared to 2007. The ODCE budget for 2009 has been increased by the Government to €5,470,000 to cover the anticipated costs of the DCC inspection which was to investigate aspects of various purchases and sales of the shares of Fyffes Plc in 1995 and 2000.
The ODCE is currently engaged in the complex investigation into certain activities in Anglo Irish Bank and this is mentioned in the report.
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