Convictions up as 2002 companies report published
430 companies and 30 directors were convicted by the Companies Registration Office (CRO) for company law offences last year.
The Office of Director of Corporate Enforcement (ODCE) which was set up set up to investigate and prosecute offences under the Companies Acts secured 20 convictions for company law offences in its first full year of operation.
The ODCE was assisted by new obligations on auditors and liquidators to report indictable offences under the Companies Acts by company directors and other parties.
Almost all of the Company Law Enforcement Act - that the Government approved in July 2002 - has begun in an initiative to improve the operation and enforcement of law.
While new late filing penalties for companies were introduced in the Companies Registration Office (CRO), according to the 2002 Companies Report published today.
Welcoming the report Michael Ahern, Minister for Trade and Commerce said : "Compliance rates with CRO filing requirements have soared.
"The drafting of new legislation to implement the recommendations of the Company Law Review Group for the reform and simplification of company law is progressing satisfactorily. By setting out all of the requirements of company law in a clear and easily understandable manner, this new legislation will facilitate greater compliance with the law," Ahern added.
This is the 77th year of the Companies report and the fifth time the Report of the Registrar of Companies has been incorporated.
Also included are reports from the Director of Corporate Enforcement and the Company Law Review Group which includes detailed information on membership, discipline and similar issues with regard to the auditing bodies, recognised under the Companies Acts.
