1. IntroductionThe 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 1. 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. 2. Detection The Detection...
Office Of The Director Of Corporate Enforcement
|Author:||Mr John O'Riordan|
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