Corporate Enforcement Authority Publishes First Annual Report

Cover Image for Corporate Enforcement Authority Publishes First Annual Report

| CEA Communications

The Corporate Enforcement Authority (CEA) has published its first Annual Report. The Report, which covers the initial period to 31 December 2023, provides a comprehensive account of the steps taken to establish the CEA’s presence, and of the work undertaken to build the organisation’s operational capability.

The Report includes 17 case studies that illustrate the breadth of the CEA’s impact and demonstrate a considered and graduated approach towards the deployment of enforcement powers.

During the period covered by the Report, the CEA:

  • published 9 Information Books and 5 Information Notes for stakeholders’ benefit,

  • received over 470 complaints from members of the public, as well as over 300 statutory reports from auditors, examiners, and process advisors,

  • received over 1,000 statutory reports from liquidators in respect of insolvent companies and the behaviour of those companies’ directors,

  • secured the restriction of 80 company directors and the disqualification of a further 27 company directors,

  • secured 107 court orders and 5 search warrants, took 213 witness statements, and effected 12 arrests, and

  • submitted 12 files to the Director of Public Prosecutions and secured criminal convictions in respect of failing to keep proper books of account and providing false information.

Marking the publication of the Report, the CEA’s Chief Executive Officer, Ian Drennan said:

“We seek to empower our stakeholders both through the provision of accurate, impartial, and accessible information, and through our outreach activities. Examples of the former include Information Notes that we issued over the period, which dealt with topics including early warning tools, right of access to companies’ registers of members, and the risks associated with accepting company directorships in certain circumstances.”

The CEA’s first Annual Report can be accessed here.

This article was provided by the Corporate Enforcement Authority.

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About the Author

Established in July 2022 under the Companies (Corporate Enforcement Authority) Act 2021, the CEA’s statutory mandate derives principally from the Companies Act 2014. The CEA is also conferred with statutory functions in respect of certain investment vehicles under the Irish Collective Asset-management Vehicles Act 2015. In addition, the CEA is the competent authority for the purpose of imposing sanctions on company directors under the Companies (Statutory Audits) Act 2018. The CEA’s functions under the Companies Act 2014 include : promoting compliance with company law; investigating instances of suspected breaches of company law; taking appropriate enforcement action in response to identified breaches of company law; supervising the activities of liquidators of insolvent companies; and operating a regime of restriction and disqualification undertakings in respect of directors of insolvent companies.

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