asked the Minister for Industry and Commerce the steps that have been taken to enforce the section of the Companies Act, 1963, which calls for the submission of annual returns by companies registered in the State.
19.
Ceisteanna — Questions. Oral Answers. - Companies' Accounts.
18.
asked the Minister for Industry and Commerce the number of Companies which did not comply in the years 1969, 1970, 1971, 1972 and 1973 with the section of the Companies Act, 1963, which requires the submission of annual returns.
20.
asked the Minister for Industry and Commerce the number of companies that were fined in the years 1969, 1970, 1971, 1972 and 1973 for non-compliance with the section of the Companies Act, 1963, which requires the submission of annual returns.
With the permission of the Ceann Comhairle, I propose to take Questions Nos. 18, 19 and 20 together.
An increase in staff in the Companies Office has this year enabled the registrar to tackle more vigorously the problem of companies in default. Since 1st February, 3,000 companies have been warned of the danger of prosecution for failure to file outstanding returns. Proceedings have already been started for prosecution of up to 300 companies and summonses have been issued in the case of 151 companies. This campaign will continue until all companies in default have been dealt with.
It has not been possible to extract readily figures for the number of companies which did not file an annual return in compliance with section 125 of the Companies Act, 1963, in the years 1969, 1970, 1971, 1972 and 1973 but it is an estimated that approximately 65 per cent to 70 per cent of companies were in default in each of those years.
The number of companies fined for non-compliance with section 125 of the Companies Act, 1963, in the years 1969 to 1973 inclusive was:— 1969, 14; 1970, 13; 1971, 39; 1972, 154; 1973, 103.
(Dublin Central): It is the profitability of the company which must be submitted to the Department?
I understand it is a statement of accounts which must be submitted to the Department.
(Dublin Central): This would be available from the Revenue Commissioners.
Under the Companies Act they must file these. As I have stated, up to date 3,000 companies are in default.
(Dublin Central): Are these the same returns which are returned to the Revenue Commissioners?
I am not sure if they are the same returns but I feel sure they would suffice under the Companies Act.
(Dublin Central): It sounds amazing if the Revenue Commissioners have the returns that they do not forward them to the Department of Industry and Commerce.
(Cavan): A lot of companies are probably defunct.
There has been a looseness by a number of companies under the Act and they have not been filling their returns but now the Companies Office have got an increase in staff and are pursuing the people who were in default.