The Office of the Director of Corporate Enforcement (ODCE) published its Annual Report for 2012 recently.

The report outlines the efforts and achievements of the ODCE during 2012 in assisting stakeholders to comply with their obligations and vindicate their rights under company law, and in confronting and dissuading further irresponsible behaviour.

Key findings of note in the report are as follows:

  • Securing the rectification, on a non-statutory basis, of directors' loans issues to an aggregate value of €55m;

  • Securing compliance by various parties with their obligations under the Companies Acts through formal measures in over 200 cases;

  • Securing the disqualification of 19 individuals and the restriction of a further 2 on foot of direct court applications made by the ODCE to the High Court;

  • The restriction of 227 company directors and the disqualification of a further 15 on foot of liquidators' applications made to the High Court following scrutiny of the liquidators' reports by the ODCE; and

  • Securing 16 criminal convictions in the District Court for breaches of the Companies Acts.

The report also sets out the involvement of the ODCE in the Companies Bill 2012, the EC proposal for a new Accounting Directive, the draft Regulations on proposed requirements regarding statutory audit of Public Interest Entities (PIEs) along with the draft Directive on statutory audits of annual and consolidated accounts, the EC consultation of the future of EU company law, the Legal Services Regulation Bill and the proposed extension of the Freedom of Information Acts.