That is according to the 2021 annual report for the ODCE, which states that the criminal charges directed related, amongst others, to alleged company law offences of fraudulent trading and the furnishing of false information as well as to theft and money laundering.
Mr Drennan states that this prosecution activity was in addition to progression of a number of large-scale investigations, and an ongoing High Court Inspectorship. Looking to the year ahead, Mr Drennan states that the prevailing view seems to be that corporate insolvencies have been artificially low in recent years and that, as State supports are withdrawn and temporary legislative provisions unwind, the number of companies entering insolvent liquidation will increase – potentially significantly.
In addition, 23 directors of dissolved insolvent companies were disqualified by means of disqualification undertakings.The spend by the ODCE last year increased by 16%, from €4.3m to €5m.A note attached to the accounts states that 2021 legal costs associated with the High Court Inspection into the then Independent News & Media plc, now Mediahuis Ireland Group Limited, exceeded anticipated levels.
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