Dr Andrew Jordan, former chairman and secretary of the now-defunct NAGP, appeared in the Criminal Courts of Justice in Dublin yesterday morning and pleaded guilty to two counts of contravening section 286(2)(b) and (3) of the Companies Act 2014.

The offences related to his failure to take all reasonable steps to secure the NAGP’s compliance with its accounting obligations.

The maximum penalty available to the court on conviction of a category 1 company law offence on indictment is a fine not exceeding €500,000 and/or imprisonment for a term not exceeding 10 years.

Dr Jordan was remanded on bail to 4 November 2024 for sentence.

CEA CEO Ian Drennan said: “The primary purpose of company law is to encourage entrepreneurial activity. It does so by providing for separate legal personality, and limited liability, thereby circumscribing personal exposure to risk.

“In return for these privileges, company law lays down a framework within which company directors are expected to operate, certain transparency requirements must be complied with, certain protections are afforded to shareholders, creditors, and the wider public, and sanctions, both civil and criminal, are provided in respect of non-compliance.

“Key amongst the requirements laid down by company law is the obligation that companies keep adequate accounting records. That is a public protection measure.

“Accounting records must be consistent and continuous; they must correctly record and explain transactions, and they must record all sums of money received as well as expenditure, so that the assets, liabilities, and financial position of the company can be ascertained, at any time, with accuracy.

“Compliance with these obligations, both by companies and by directors, is key to protecting creditors and the wider public. The role of the company director in this context is clear and unambiguous.

“A director must take all reasonable steps to ensure that the company complies with its legal requirements in relation to accounting records and failure to do so is a serious offence.”