1. Irish Centre for Commercial Law Studies Seminar 5 December 2002

2. The Role of the ODCE in Corporate Liquidations Paul Appleby Director of Corporate Enforcement

3. Outline of Presentation  Responsibilities of Liquidators  Role of the ODCE  Approach being taken by the ODCE

4. Liquidator Responsibilities (1) Collecting Company Assets  Disclaiming Onerous Contracts  Applying for High Court Orders  Instituting Proceedings for Fraudulent or Reckless Trading against Directors, etc.  Seeking the Recovery of Company Property

5. Liquidator Responsibilities (2) Distributing the Proceeds  Identifying the Creditors  Making the Realised Distributions  Interim  Final  In Order of Priority

6. Liquidator Responsibilities (3) Investigations  Examining the Company’s Books  Interviewing the Directors, etc.  Seeking Reliefs from the Court

7. Liquidator Responsibilities (4) (1)Reporting  Seeking approval of the Court or Committee of Inspection  Summoning General or Creditors’ Meetings  Filing with the Registrar of Companies  Liaising with the Examiner’s Office

8. Liquidator Responsibilities (5) (2) Reporting to the ODCE  Section 299 Report (suspected offences)  Section 56 Report (prior to restriction)

9. ODCE Role and Powers (1) Relieving Liquidators from Making Restriction Applications  Insolvent Companies Covered  Prescribed Report  Frequency of Reporting

10. ODCE Role and Powers (2) Examination of a Liquidator’s Books  On request for stated reasons  One or more liquidations  Section 58 Report (by professional bodies)

11. ODCE Approach (1)  ODCE/Liquidators Contacts  Notification of Deadline for Reporting  Clarification of Issues  Decision Timeframes  Public Notice Procedure  Confidentiality Issues

12. ODCE Approach (2) Criteria for Relief  Satisfaction with Liquidator’s Opinion  No breach of Law or Duty  Trading while insolvent  Selective Discharge of Company Debts

13. ODCE Approach (3) Monitoring the Restriction Proceedings  ODCE a Notice Party  ODCE Participation in a Minority of Cases  Notification to ODCE of Court Decisions

14. Conclusion  Dealing with the “Apparent Injustice”  Contributing to Improving Standards and Curbing Irresponsible Behaviour  A New Regime  Anxious to work with Practitioners, etc.