Reform of company law code and the establishment of an accounting oversight body are the main priorities for the Department of Enterprise, Trade and Employment, it has said.

Presenting the 2001 Companies Report yesterday, the Minister for Trade and Commerce, Mr Ahern, said new companies statute would reform and simplify company law.

According to the report, five investigations are ongoing, following a court application by the Minister for Enterprise, Trade and Employment, Ms Harney. The companies involved are Celtic Helicopters, College Trustees, Guinness & Mahon (Ireland), Hamilton Ross and Kentford Securities.

The Office of the Director of Corporate Enforcement is also continuing to investigate Ansbacher (Cayman). The inspectors are expected to make their final report to the High Court this year. At the end of 2001, that inquiry had cost €3.2 million, which the Department intends to recoup from the parties involved, the report says.

The investigation involving National Irish Bank (NIB) and NIB Financial Services, which is being conducted by former Supreme Court judge Mr John Blayney and accountant Mr Tom Grace, cost €5.7 million at the end of last year. The Department will also be seeking to recoup those funds from the bank.

The report also shows that 32 individuals were convicted following prosecutions under the Companies Acts. The convictions were against six companies, seven directors and two auditors for failing to co-operate with the authorised officer's examination, failure to keep proper accounts and falsification of records.

During the year, 1,430 companies were struck off for failing to file returns with a further 5,649 being struck off by the Revenue Commissioners. The Companies Office imposed fines of €414,172, with the average fine at €553.