Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

393. To ask the Minister for Jobs, Enterprise and Innovation further to Parliamentary Question Nos 392 and 394 of 21 May 2013, the way in which the Companies Registration office is adapting and enforcing strict deadlines on private companies who continue to trade the company on behalf of the Bank. [46096/13]

Richard Bruton (Dublin North Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Private companies in receivership continue to be subject to the requirements of the Companies Acts 1963-2012 including the obligation to file annual returns within the timeframes outlined in those Acts.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

394. To ask the Minister for Jobs, Enterprise and Innovation further to Parliamentary Question No. 395 of 21 May 2013, the reason for the lack of statistics available on receivership filing and his specific statement that data received is not stored nor indexed according to receiver appointed in the Companies Registration Office; if he will confirm that all receiverships are dealt with in the Companies Registration Office in a specific dedicated unit known as the insolvency unit. [46097/13]

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

395. To ask the Minister for Jobs, Enterprise and Innovation the reason there are no available statistics and data on the performance of the insolvency unit in the Companies Registry Office. [46098/13]

Richard Bruton (Dublin North Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I propose to take Questions Nos. 394 and 395 together.

As the central repository of public statutory information on Irish companies and business names, the Companies Registration Office (CRO) organises the data that it receives by company name and registered number and makes this information searchable and accessible to the public on its website via either the company name or company number. The role of the solvency unit in the CRO is to ensure that the data filed with the CRO on receiverships is registered in accordance with the Companies Acts 1963-2012. Data received by the CRO on receiverships is not stored nor indexed according to “receiver appointed” in that Office.

Documents filed by receivers are placed on the Companies Register and can be accessed by the public under the name and number of the relevant company.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

396. To ask the Minister for Jobs, Enterprise and Innovation if there has even been any action taken by the Companies Registration Office insolvency unit against a receiver for failure to file returns. [46099/13]

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

397. To ask the Minister for Jobs, Enterprise and Innovation if there has ever been any action taken by the Companies Registration Office insolvency unit against a receiver for late filing of returns [46100/13]

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

398. To ask the Minister for Jobs, Enterprise and Innovation if there has ever been any action taken by the Companies Registration Office insolvency unit for the filing of inaccurate, incomplete or misleading returns by a receiver. [46101/13]

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

399. To ask the Minister for Jobs, Enterprise and Innovation further to Parliamentary Question No. 395 of 21 May 2013, the extent of abuse in the practise of receivers of filing abstracts supplying only details on total payments and total receipts in the period and not poviding a detailed breakdown of all receipts and payments during the period covered by the return as receivers are required by law; and if he will make a statement on the matter. [46102/13]

Richard Bruton (Dublin North Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I propose to take Questions Nos. 396 to 399, inclusive, together.

The role of the solvency unit in the Companies Registration Office (CRO) is to ensure that the data filed in the CRO on receiverships is registered in accordance with the Companies Acts 1963-2012.

The Companies Acts 1963-2012 set out the powers and duties of receivers. Sections 319 and 321 of the Companies Act 1963 provide that a Receiver must send to the Registrar of Companies an abstract detailing the assets of the company of which he has taken possession, their estimated value, the proceeds of sale of any such assets and of his receipts and payments for each six month period following his appointment.

The onus is on the person completing a statutory filing to ensure that it complies with the requirements of the Companies Acts 1963-2012. It is a criminal offence knowingly or recklessly to file a document with the CRO which is factually incorrect. Where a statutory filing is in order on its face, and is signed and dated, the CRO accepts the filing in good faith for registration. As a registration authority, the CRO is not in a position to check whether the numerical values entered in filings are correct or not. Where the CRO is notified of an issue relating to a filing on the public register, it will follow the matter up immediately with the presenter/receiver in order to ensure that it is satisfied, as far as practicable, that the information being filed and put into the public domain is correct. Abstracts which do not provide a breakdown of all receipts and payments are returned to the presenter for completion. The abstracts are filed under the company name and number on the register and can be accessed by the public. The data in the abstract is not stored or indexed separately and is not capable of statistical analysis.

There is an obligation on receivers to comply with the legislative provisions applicable to them. If a receiver does not comply with Section 319, or if applicable Section 321, the receiver is guilty of an offence. The offence may be prosecuted summarily or on indictment and the penalties are set out in Section 145 of the Companies Act 1990, as amended.

The CRO prioritises its limited enforcement resources towards the key compliance measure of securing the filing of Section 125 of the Companies Act 1963 annual returns and financial statements by companies. No prosecutions have been instituted by the CRO in respect of filing of receivers’ abstracts.

Section 322 (1) (a) and (2) of the Companies Act 1963 provide that if a receiver fails to file returns, accounts or other documents which he is required to do by law, and fails within 14 days of the serving of a notice requiring him to do so, a creditor or member or the Registrar of Companies may apply to the court for an order directing the receiver to make good the default within such period as may be specified in the order.

It is a criminal offence pursuant to section 242 of the Companies Act 1990 knowingly or recklessly to notify false information to the CRO on statutory forms. The CRO has no prosecution function in respect of section 242 offences. This offence is prosecutable summarily by the Office of Director of Corporate Enforcement (ODCE) and prosecutable on indictment by the Director of Public Prosecutions.