There was a 47 per cent increase in the number of new reports and complaints filed with the Office of the Director of Corporate Enforcement (ODCE) last year, according to its annual report published today.
Much of the increase was attributed to a sharp rise in newly insolvency companies and a consequent surge in reports from liquidators.
The director of Corporate Enforcement, Paul Appleby, said last year was "particularly challenging and demanding".
Among the activities the ODCE was involved in last year was the investigation into Anglo Irish Bank, which was the most extensive investigation ever undertaken by the office.
Mr Appleby said he has up to 18 people working on the investigation, some half of them gardaí assigned to his office.
Mr Appleby said he was well aware of the public's desire that the Anglo investigation be concluded soon. However, he said that there was still several months' work to be done. “When you’re dealing with millions of documents, getting them evaluated, inevitably there is going to be time taken to deal with all of that properly,” Mr Appleby said.
“I certainly hope that we can wrap it up in a few months but there are a lot of issues that are still to be worked through and we will certainly be talking to the Director of Public Prosecutions and presenting him with papers as soon as we possible can.”
According to the ODCE report, there was a 46 per cent rise in successful liquidator actions last year.
Mr Appleby said the relatively sudden change in the economic climate has not resulted in any notable deterioration in the standard of directors’ behaviour.
"In over 80 per cent of their reports, liquidators have been able to satisfy my staff that the relevant directors have acted honestly and responsibly in conducting their company’s affairs. This is broadly comparable to our experience in earlier years," he said.
Overall, there were 108 restrictions and 12 disqualifications in 2009 compared to the 76 restrictions and six disqualifications secured in 2008. In addition, there was a 22 per cent increase in the number of cases concluded last year from 1,184 to 1,446 cases.
Last year, there were 10 disqualifications and six convictions for various breaches of company law and duty.
ODCE convictions were confirmed in two appeals taken by defendants to the Circuit Criminal Court. In addition, one disqualification decision made in 2008 was set aside on appeal in the Supreme Court.
Financial expenditure rose by 34 per cent to just over €5.8 million last year. The increase was attributed to the cost of the DCC Inquiry and of the unsuccessful Supreme Court disqualification appeal.
