Critical Assessment of Office of the Director of Corporate Enforcement, Ireland
Introduction
The following report sets out to critically assess the role and function of the ODCE with regards to the reasons it was set up, the primary functions of the office, it successes if any to date and any appropriate suggestions for future reform.
We have critically assessed by giving a detailed account under each section and by analysing these we have come up with recommendations that we believe are necessary and within the offices capabilities. We have found throughout the report that the ODCE is efficient and effective in what it does yet like everything else there is room for improvement. Within the conclusion we have given an assessment on each of the listed sections.
Setting up the ODCE
“The Office of the Director of Corporate Enforcement (ODCE) was established in November 2001 to ensure compliance with company law. This part of the paper will examine what events occurred for the creation of the ODCE and what developments by the government led to its creation.” (Entemp, 2001)
McDowell Report
On the 15 of March 1999 Minister Mary Harney welcomed a report from Mr Michael McDowell and his working group on Company Law Compliance and Enforcement.
The report found that “Irish Company Law has been characterised by a culture of non-compliance and the enforcement of the law in relation to non-registration type offences is very rare and wholly unpredictable”, he continued to say that “Those who are tempted to make serious breaches of company law have little reason to fear detection or prosecution.” (Entemp, 2001)
The McDowell Report was influenced from investigations such as the Ansbacher scam. This was brought to light when an inquiry into the affairs of businessman Ben Dunne discovered payments of more than £1 million to Mr Haughey.
Ansbacher
The Ansbacher (Caymen) was the biggest financial and political scandal to hit Ireland. It started in the early 1970s when Des Traynor, the late financial advisor to former
The following report sets out to critically assess the role and function of the ODCE with regards to the reasons it was set up, the primary functions of the office, it successes if any to date and any appropriate suggestions for future reform.
We have critically assessed by giving a detailed account under each section and by analysing these we have come up with recommendations that we believe are necessary and within the offices capabilities. We have found throughout the report that the ODCE is efficient and effective in what it does yet like everything else there is room for improvement. Within the conclusion we have given an assessment on each of the listed sections.
Setting up the ODCE
“The Office of the Director of Corporate Enforcement (ODCE) was established in November 2001 to ensure compliance with company law. This part of the paper will examine what events occurred for the creation of the ODCE and what developments by the government led to its creation.” (Entemp, 2001)
McDowell Report
On the 15 of March 1999 Minister Mary Harney welcomed a report from Mr Michael McDowell and his working group on Company Law Compliance and Enforcement.
The report found that “Irish Company Law has been characterised by a culture of non-compliance and the enforcement of the law in relation to non-registration type offences is very rare and wholly unpredictable”, he continued to say that “Those who are tempted to make serious breaches of company law have little reason to fear detection or prosecution.” (Entemp, 2001)
The McDowell Report was influenced from investigations such as the Ansbacher scam. This was brought to light when an inquiry into the affairs of businessman Ben Dunne discovered payments of more than £1 million to Mr Haughey.
Ansbacher
The Ansbacher (Caymen) was the biggest financial and political scandal to hit Ireland. It started in the early 1970s when Des Traynor, the late financial advisor to former