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Liquidators make 1,021 reports on director misbehaviour
Ian Drennan of CEA Pic: RollingNews.ie

21 Jun 2024 / regulation Print

1,021 liquidator reports on director misbehaviour

The Corporate Enforcement Authority (CEA) secured the restriction of 80 company directors and the disqualification of a further 27 company directors in its first 18 months, its  annual report shows.

More than 470 complaints came in from the public, as well as over 300 statutory reports from auditors, examiners, and process advisors, the report shows.

Insolvent companies

The CEA also got in 1,021 statutory reports from liquidators in respect of insolvent companies and the behaviour of those companies' directors.

The body was established in July 2022 under the Companies Act 2014 and replaced the Office of the Director of Corporate Enforcement (ODCE).

The Budget 2024 allocation increased the CEA total budget from €9.7m in 2023 to €11.1m.

The CEA secured a total of 107 court orders and five search warrants, took 213 witness statements, and effected 12 arrests since its establishment.

It sent 12 files to the Director of Public Prosecutions and secured criminal convictions in respect of failing to keep proper books of account and providing false information.

Chief executive Ian Drennan (pictured) said that as a standalone agency, the CEA now has flexibility to hire staff with skills tailored to its needs.

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