The General Scheme of the Companies (Corporate Enforcement Authority) Bill was published on 4 December 2018. The General Scheme gives effect to 2 of the 14 measures in the Government’s package of “Measures to enhance Ireland’s corporate, economic and regulatory framework”, which is subtitled ‘Ireland combatting “white collar crime”’ and was published on 2 November 2017. Those 2 measures are –
- Establishing the Office of the Director of Corporate Enforcement as an agency that is better equipped to investigate increasingly complex breaches of company law;
- Implementing recommendations of the Company Law Review Group on corporate governance.
The General Scheme also incorporates some additional provisions, such as –
- Implementing recommendations of the Company Law Review Group on shares and share capital;
- New ground for the restriction of company directors;
- Measures with respect to the conduct of liquidations and oversight of liquidators;
- Transparency measures with respect to companies and the Register of Companies.