A new state corporate watchdog was lauched today. The Office of Director of Corporate Enforcement will have a staff of 40, including seven Gardai.
The Office of Director of Corporate Enforcer was born out of disquiet at standards in Irish business uncovered in the McCracken Tribunal and the DIRT Inquiry.
Formally the responsibility of the Department of Enterprise, Trade and Employment, a new office will be headed by a former deptartment official, Paul Appleby.
It will have a budget of £2.9m for its first two years and has powers to impose fines for breaches of company law and initiate prosecutions.
Members of professional bodies will also be compelled to inform the new office of any breaches of company law by their clients.
Mr Appleby told RTE that one of the main targets would be 'Phoenix syndrome' companies.
