Dáil Éireann debate -
Tuesday, 3 Dec 2002

Vol. 558 No. 4

Written Answers. - Company Closures.

Martin Ferris

Question:

151 Mr. Ferris asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has received the accountants report into a failed company (details supplied); and if so, if she will make the report available. [24590/02]

Tánaiste and Minister for Enterprise, Trade and Employment (Ms Harney)

I have not received an accountant's report on the company in question. The High Court appointed a liquidator to the company to act on its behalf in January this year. The liquidator is an officer of the court and will report back to the court. I have no further information on this and I have no function in the matter.

Section 221 of the Companies Act, 1963, provides that when a final order is made to wind up a company, a copy of the order must be forwarded by the company to the Registrar of Companies for registration.

Under the Company Law Enforcement Act, 2001, liquidators have certain duties to report to the Director of Corporate Enforcement. For example, where a company is insolvent, liquidators are obliged to provide a report to the director on the conduct of the company's directors. They are further obliged to make application to the High Court for the restriction of each of the company's directors unless specifically relieved of that obligation by the Director of Corporate Enforcement. Liquidators are also obliged to report suspected criminal offences to the director but in the case of court appointed liquidations, it is for the court to the direct the liquidator to refer a matter to the director.

Section 56 of the Company Law Enforcement Act, 2001, provides that the director may, on his own initiative or at the request of a member, contributory or creditor of the company, request a liquidator of a company in liquidation to produce their books for examination. The director is independent in the performance of his statutory duties and I have no function in the matter.