The CEA yesterday published its first-ever annual report, covering the period from its formal establishment on on 7 July 2022 — when it replaced the Office of the Director of Corporate Enforcement (ODCE) — until 31 December 2023.

During that period, it secured 107 court orders and five search warrants, took 213 witness statements, effected 12 arrests, and submitted 12 files to the DPP, securing criminal convictions in respect of failing to keep proper books of account and providing false information.

Ian Drennan, the CEA’s chief executive officer, said: “Through our graduated and proportionate approach towards indications of less serious non-compliance, we quietly go about ensuring that duties are respected and that rights are vindicated without having to resort to our statutory powers.

“Where necessary, we deploy our statutory powers to bring about compliance with the law, with our options including the initiation of legal proceedings. At the upper end of the spectrum as regards seriousness lies criminal enforcement.”

The CEA also published nine information books and five information notes for stakeholders’ benefits over the period. It received over 470 complaints from members of the public, as well as over 300 statutory reports from auditors, examiners, and process advisors.

More than 1,000 statutory reports were received from liquidators in respect of insolvent companies and the behaviour of those companies’ directors. The CEA subsequently secured the restriction of 80 company directors and the disqualification of a further 27 company directors.

Welcoming the report, enterprise, trade and employment minister Peter Burke said: “In the relatively short time since its establishment, the CEA has quickly established its presence and is integral to maintaining Ireland’s reputation as a safe and well-regulated economy in which to invest and create employment.

“Already we can see the benefits of this multi-disciplinary agency’s work in not only ensuring compliance with company law but also in informing both business and the public through the provision of relevant and accessible information on matters under their remit.

“I want to commend the Authority on how it has already delivered on its strategic ambition and on its capability in operating as a robust and effective enforcement agency.”

Dara Calleary, minister of state for trade promotion, digital and company regulation, added: “The CEA has quickly positioned itself as a highly professional regulatory body for company law that yields significant value for stakeholders.

“We can now confidently say that Ireland has an established architecture by which to regulate company law in an autonomous and agile manner.

“This ensures better regulation for companies in Ireland and supports the enterprise base to grow and prosper. It also further strengthens Ireland’s global reputation as a top tier country in which to do business — underpinned by a strong company law enforcement framework.

“I look forward to continuing to support the CEA in their efforts to address white collar crime.”