Main Highlights from 2006

The ODCE has been extremely busy in 2006 and following Mr Paul Appleby’s recent statement in respect of 2006, the following is a brief summary of same:

1. Increased interest in corporate governance matters.
2. Over €160 million was repaid by directors and connected persons to their respective companies following excessive use been made of company assets for personal purposes contrary to law.
3. On applications made by liquidators, over 100 directors of insolvent companies were restricted by the high court.
4. Disqualification proceedings against numerous directors whose companies were struck off the Companies Register for failing to file annual returns.
5. New offences were successfully prosecuted for the first time in 2006 such as section 161 and section 243 of the Companies Act 1990.
6. Increased convictions on companies and their directors.


Plans for 2007

1. Improving the governance of property management companies in particular.
2. Introduction of administrative fines as an option for dealing with minor company law defaults.
3. Continuing to develop the civil and criminal enforcement activities already in place.




Contact Ray Masterson, Assistant Manager - OSK Audit, with your queries and comments or visit http://www.osk.ie/audit.html

Disclaimer
Please note that the above information is a general guide only and specific advice should be sought before any action is taken.

OSK is authorised by the Institute of Chartered Accountants in Ireland to carry on investment business.

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