Regulator puts liquidated firms' details online

The Office of the Director of Corporate Enforcement (ODCE) has published the names of hundreds of companies about which it has received reports from liquidators.

Over the coming months the director, Mr Paul Appleby, will decide which, if any, of these companies should be the subject of liquidators' applications to the courts for the restriction of directors.

The names published on the ODCE website are of companies which were the subject of liquidators' reports during 2002 and for January and February of this year.

The vast bulk of the companies listed are small concerns, the names of which would not be known to the general public. However, some higher profile companies are included.

Among the better known companies listed are Usit Ltd and Usit World plc, two companies which formed part of the Usit group, the student and youth travel operation which came close to collapse following the September 11th, 2001 attacks in the US.

The principal director of the group's companies at the time was Mr Gordon Colleary, the main force behind the group up to the time of its difficulties. The group's Irish operation, Usit Ireland Ltd, was subsequently bought by a number of Irish investors and a new board is in place.

Another company listed is Modern Networks Ltd, the company which was involved in laying cables along the Iarnród Éireann network.

A Dáil committee conducted an inquiry into the cost of laying the cables. One of the factors that led to a huge increase in the cost was the fact that Esat Telecom lines were laid along the network before those laid for Iarnród Éireann.

One of the directors of Modern Networks was Mr Patrick Lynch, a former chairman of FÁS and a former director of CIÉ.

Lancefort Company Ltd, which fought an unsuccessful High Court battle with Treasury Holdings over its plans for the site where the Westin Hotel is now situated on Westmoreland Street in Dublin, is also listed.

Lancefort has been associated with a number of environmental and planning issues and its directors include Mr Ian Lumley of An Taisce.

Mr Michael Smith of An Taisce is a former director as is Mr Colm Mac Eochaidh, who ran for Fine Gael in the recent General Election.

Miza Ireland Ltd, Mitek Pharmaceuticals, Mitek Ltd and Mitek Holdings Ltd, all companies which were associated with the former Miza Pharmaceuticals plant in Roscrea, Co Tipperary, are also listed.

A company associated with fashion designer Mr Cuan Hanly, Cuan Hanly Design Ltd, also features as does Business & Finance Media Ltd, the company which once published Business & Finance magazine and which was taken over by businessman Mr Ian Hyland. The magazine is now published by Moranna Ltd, a company with which Mr Hyland is also associated.

Other companies listed are 360networks (Ireland) Ltd, 360atlantic (Ireland) Ltd, and 360Networks Services (Europe) Ltd. These companies are associated with a cable network station in Dublin opened to connect Ireland to North America and Europe. The Irish companies are subsidiaries of 360networks Inc, a Canadian company which builds and supplies global fibre optic communications.

Other companies listed include the former furniture retailer, House of Denmark Ltd; Arthouse Ltd, the digital company based in Temple Bar, Dublin; Rocca Tiles Ltd; Interclaim Recovery Ltd; and Monaghan Poultry Products Ltd.

The full list can be viewed on the ODCE website, www.odce.ie. It is the ODCE's intention in time to publish the list of those companies, the liquidators of which will be required to seek the restriction of directors in the High Court.

Under section 56 of the Company Law Enforcement Act 2001, a new regime was created for the liquidators of insolvent companies.

Liquidators were obliged to file reports to the ODCE. The office then studies the reports and decides whether, in each instance, it will relieve the liquidator of the obligation to apply to the High Court for the restriction of the directors.

If restricted, a director is barred from participation in the affairs of any company for five years, unless the company is capitalised above a certain minimum figure. The objective of the measure is to provide protection to creditors and others.

On its website the ODCE warns that the published list and its content should not be seen as a representation by the office that any person or company is responsible for any activity, irregular or otherwise, or to have committed any offence or irregularity under company law or any other law.