NEW Corporate Enforcement Authority, at third stage - 7 December 2021

RMcH states: The Companies (Corporate Enforcement Authority) Bill 2021 establishes the Office of the Director of Corporate Enforcement (ODCE) as a standalone statutory body with a commission structure, to be called the Corporate Enforcement Authority (CEA).

The Corporate Enforcement Authority, will replace, and perform the functions previously performed by, the Director of Corporate Enforcement. The Bill also makes provision for certain other amendments to the Companies Act 2014 relating to the share capital and corporate governance of companies.

Welcoming the Government’s approval of the Companies (Corporate Enforcement Authority) Bill 2021, Director of Corporate Enforcement, Ian Drennan, said: “The approval by Government of legislation paving the way for the establishment of the Corporate Enforcement Authority marks a watershed moment in Ireland’s strategic approach towards addressing economic and white-collar crime.

With enhanced autonomy and significantly increased levels of investigative assets - including additional legal and digital forensics professionals and seconded members of An Garda Síochána - the CEA will assume the ODCE’s current caseload and will, I anticipate, continue to build on the ODCE’s forensic and robust approach towards tackling serious breaches of company law and associated wrongdoing in both civil and criminal realms”. At the time of going to print the Bill had reached Third Stage in the Dáil.

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