Office Of The Director Of Corporate Enforcement

Author:Mr John O'Riordan
Profession:Dillon Eustace
 
FREE EXCERPT
  1. Introduction

    The aim of the Office of the Director of Corporate

    Enforcement (ODCE) is to improve the compliance environment for

    corporate activity in Ireland by encouraging adherence to the

    requirements of the Companies Acts 1963 to 2006 and bringing to

    account those who disregard the law.

  2. Background

    The conclusions of various review groups, courts, tribunals

    of inquiry and parliamentary committees over recent years

    revealed evidence that provisions in Irish company law and

    other legislation were regularly being breached without the

    companies or individuals in question being held accountable. As

    a result various innocent parties bore the cost of this

    misbehaviour and the associated business risks. Following a

    fundamental review, the Irish Government decided that there

    were insufficient resources and legal instruments available to

    the State to supervise and enforce adherence to the

    requirements of company law and that it was necessary to

    correct these deficiencies in the public interest.

  3. Functions of the Director

    These concerns about corporate malpractice led to the

    enactment of the Company Law Enforcement Act, 2001 (the

    "Act") and the establishment of the Office of the

    Director of Corporate Enforcement (the "ODCE") in

    November 2001. Under the Act, the Director of Corporate

    Enforcement is legally responsible for:

    encouraging compliance with company law, and

    investigating and enforcing suspected breaches of the

    legislation.

  4. Role of the Registrar Of Companies

    Under the Act, the Registrar of Companies remains

    responsible for:

    collecting and making publicly available up-to-date

    information on companies registered in Ireland,

    encouraging adherence to the filing and registration

    requirements of the Companies Acts, and

    where necessary, bringing non-compliant companies and

    officers to Court.

  5. Role of the ODCE

  6. Compliance Role

    The Director of Corporate Enforcement encourages compliance

    with company law requirements by communicating publicly the

    benefits of compliance with the law and the consequences of

    noncompliance. The strategies employed include:

    the publication of information, via the printed and

    electronic media, on the legal duties and powers which exist

    under Irish company law,

    consultations with professional bodies to secure the

    conformity of their members with the requirements of the law,

    and

    discussions with government and other parties to

    facilitate and support the compliance role of the

    Director.

  7. Detection

    The Detection Unit...

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