CRO nets €14m from rogue firms

THE Companies Registration Office (CRO) has taken in €14.1 million in fines from firms failing to file their annual accounts on time.

The figure is up more than €3m on the same eight-month period in 2004, despite a new crackdown on rogue firms by the CRO.

In 2004, the CRO netted €18m in fines for late filers and that figure could be beaten this year.

Companies registrar Paul Farrell said the increase was because a small number of firms were running up huge penalties by filing as late as possible.

In 2004 the CRO had increased the time period allowed for companies to file their annual accounts.

While this reduced the amount in fines received in 2004, it boosted the 2005 figure.

However, it warned that repeatedly delaying filing will result in more serious enforcement measures being brought to bear on offenders.

These include being struck off the register and possible prosecution of directors.

Mr Farrell said the CRO has issued 127 summonses to companies to appear before the District Court later this month for failing to do a 2004 annual return and it plans to issue 150 summonses to individual directors to appear in the District Court in November.

If convicted, company directors face restriction and disqualification.

“If companies are using the time limits to postpone the filing of the documents then it is clearly necessary to review these time limits.

“And it can be expected that lower limits will apply for 2006,” Mr Farrell added.