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Cork Chamber of Commmerce

Cork Chamber of Commmerce. Breakfast Briefing 12 December 2002. Role of the Director of Corporate Enforcement in relation to. Company Directors Auditors and Liquidators. Outline of Presentation. History Lesson Compliance Information Service Reporting by Auditors of Non-Compliance

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Cork Chamber of Commmerce

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  1. Cork Chamber of Commmerce Breakfast Briefing 12 December 2002

  2. Role of the Director of Corporate Enforcement in relation to • Company Directors • Auditors and • Liquidators

  3. Outline of Presentation • History Lesson • Compliance Information Service • Reporting by Auditors of Non-Compliance • Reporting by Liquidators (Insolvent Liquidation) • Investigation/Enforcement Work • Options to address Non-Compliance • Conclusion

  4. History Lesson (1) • McCracken (and Other) Tribunals • Company Investigations • McDowell Group on Company Law Compliance and Enforcement, 1998 • DIRT Inquiry/Auditing Review Group • Company Law Enforcement Act 2001 • International Developments

  5. History Lesson (2) • “…strong indications of abuses of company law…” • “…consequential public concerns must be allayed…” • “…little reason to fear detection or prosecution…” • “…the sound of the enforcer’s footsteps on the beat is simply never heard…”

  6. Companies Company Directors Company Secretaries Members/Shareholders Auditors Creditors Liquidators Receivers Examiners Compliance Information Service

  7. Auditors’ Reporting Duties • Failure to maintain proper books (Old Duty) • Any Indictable Offence (New Duty) • ODCE/Accounting Body Guidance issued • Auditor/Director Discussions • 300 Reports from Auditors to date • Separate Duty in Fraud Offences Act

  8. Liquidators’ Reporting Duties • Criminal Conduct (Amended Duty) • Insolvent Liquidation (New Duty) • ODCE Guidance issued • 265 Reports so far (covering 650 Directors) • Relief from Restriction Application (51%) • Proceed with Restriction Application (44%) • Extra Time Sought (5%)

  9. Investigation/Enforcement Work • Power to seek Registers, etc. • Powers of Company Investigation • Powers of Search/Seizure (with warrant) • Powers of Arrest • Other Powers in Insolvent Situations • Restore Property/Assets to the Company

  10. Options re Non-Compliance • Court Order • Summary Prosecution • Referral to the DPP • Restriction/Disqualification • (Administrative Penalty in due course)

  11. Conclusion (1) Why Bother with Compliance? • Our Reputation as a Place to do Business • Our Need to have an Ordered Society • Our Need to minimise Business Risks • Our Need for Sound Competitive Enterprise • Protection of Business and Government Revenue

  12. Conclusion (2) Elements of a Compliant Environment • Simplified Legislation/Regulation • Accessible Compliance Information • Good Reporting of Non-Compliance • Effective Enforcement Arrangements

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