Ireland's corporate watchdog received 920 new cases of corporate misconduct last year and expects a further 1,500 this year, it was revealed today.
Ireland's corporate watchdog received 920 new cases of corporate misconduct last year and expects a further 1,500 this year, it was revealed today.
Speaking at the launch of his office's annual report today the Director of Corporate Enforcement, Mr Paul Appleby, said non-compliant companies were placing an additional cost burden on other enterprises.
Mr Appleby noted that the 290 insolvencies reports by liquidators last year showed an aggregate deficit of €260 million.
The director is of the view that standards in business could be enhanced if more timely and comprehensive financial information on company performance were made publicly available, preferably through the Companies Registration Office.
Those companies which choose to avail of the exemption from the requirement to undergo an annual audit should be required to place a more illuminating set of financial statements in the Companies Registrations Office, Mr Appleby said.
"This would have the merit of enabling creditors and other stakeholders to make a more informed evaluation of a company's financial situation and of the risks of doing business with that company," he added.