The Corporate Enforcement Authority has welcomed the publication of proposals for the introduction of new powers and offences under the Companies Act 2014.
Amongst the measures being proposed are the conferral of new powers of investigation on the CEA in the area of information and evidence gathering, including new surveillance powers.
The General Scheme also proposes to enhance information sharing across investigative and regulatory agencies.
CEA,Chief Executive Officer, Ian Drennan said, "These measures will, if enacted as proposed, further enhance the CEA's capacity to investigate suspected breaches of company law. The proposals also seek to streamline the court process for dealing with the availability to investigators of evidential material over which claims of legal professional privilege are being asserted."
Mr Drennan said the proposals clarify that liquidators’ obligations extend to defending any appeals against restriction Orders imposed by the High Court as a consequence of company directors’ behaviour in managing the affairs of insolvent companies. "This is an important public protection measure in ensuring directors’ accountability for their stewardship of companies."
The CEO said the proposals to create two new criminal offences relating to interaction with CEA officers was "particularly welcome".
The first proposal is to make it an offence to obstruct or impede an officer of the CEA, while the second would result in anyone who threatens, intimidates, or menaces a CEA officer, or members of their families, being guilty of a criminal offence punishable by up to 10 years imprisonment if convicted on indictment.
"These proposals send out the very clear signal that obstructing or threatening a CEA officer will not be tolerated and that anyone who does so risks facing a lengthy term of imprisonment."
Mr Drennan said the CEA looks forward to engaging with Minister Dara Calleary and his officials, as the Bill makes its way through the Oireachtas.
