Commencement orders providing for the establishment of the Companies (Corporate Enforcement Authority) Act 2021 (the Act) and the Corporate Enforcement Authority were signed on the 5
th and 6
th July. The Act invests the CEA with the same functions and powers as previously resided with the Director of Corporate Enforcement, with some modifications to reflect a new Commission structure. These include:
• encouraging compliance with the Companies Act 2014 (“the 2014 Act”),
• investigation of suspected non-compliance with the 2014 Act,
• prosecution of summary offences (i.e., in the District Court),
• referring suspected indictable offences to the Director of Public Prosecutions for
consideration as to whether charges should be directed on indictment (i.e., in the
Circuit Court), and
• the exercise of certain supervisory functions with respect to liquidators and receivers.
Advocacy
In furtherance of its mandate to promote compliance with company law, the CEA will engage in a comprehensive programme of advocacy initiatives designed to both assist company directors in meeting their duties and obligations and shareholders and creditors in understanding and vindicating their rights.
Powers
The CEA has substantial powers of investigation and enforcement.
For further details please click
here.