The Office of the Director of Corporate Enforcement recently published its 2020 Annual Report. The main observations from the report are:- 669 Liquidators’ Reports Received – down almost a quarter on 2019 levels ODCE expect that the level of corporate insolvencies will increase, potentially substantially in 2021 a view that current State supports are masking
The ODCE issued the 2019 Annual Report and the key points from the report are:- High profile investigations into Independent News & Media, Console Suicide Bereavement Counselling Ltd, Football Association of Ireland (“FAI”) The DPP directed charges on 23 counts of theft contrary to Sec 4 of the Criminal Justice(Theft and Fraud Offences) Act 2001
The ODCE issued a guidance document “COVID-19 and the insolvency-related functions of the ODCE” providing some helpful and welcome guidance to directors of companies impacted by the COVID-19 pandemic. Directors of companies that go into liquidation face restriction proceedings unless they can demonstrate that they have acted “honestly and responsibly”. Only a small minority of