A total of 21 individuals were disqualified from being company directors during 2005, according to the annual report of the Office of the Director of Corporate Enforcement (ODCE) published today. That compares with four disqualifications the previous year.
One of these individuals was disqualified for ten years as a consequence of the findings of the NIB inspectors' report. The Director of Corporate Enforcement, Paul Appleby said he hoped that proceedings to disqualify some of the others named in that report would conclude later this year.
The High Court also imposed restrictions on a further 145 directors during 2005, on foot of actions taken by liquidators exercising their duties under company law rules.
Mr Appleby said his office had detected a small number of restricted directors ignoring the limits binding their activities. He said there was some surprise within his office at this. In these cases, his office had prosecuted them through the courts and disqualifications were imposed. A restriction on a company director is a civil matter while a disqualification is a criminal matter.
Additionally, some 30 companies, company directors and other persons were convicted for breaching various provisions in the Companies Acts during 2005.
Mr Appleby said he was anxious to secure an additional 20 staff to cope with an expanded case load targeting new areas of compliance. He said he was hopeful that the Department of Enterprise, Trade and Employment would increase his budget in this regard in the coming weeks.
'We expect to receive about 700 new complaints and reports of suggested misconduct relevant to our remit in 2006,' said Mr Appleby. 'When combined with the 1,000 cases already on hand in the office, it is clear that we have a significant pipeline of continuing work for evaluation.'
