State supports are masking true levels of corporate financial distress

State's corporate watchdog is expecting a surge in corporate insolvencies and complaints 

Director Ian Drennan: 'There is a view that current State supports are masking true levels of corporate financial distress.'

The State's corporate watchdog is expected a surge in corporate insolvencies and complaints of financial wrongdoing this year after the Covid pandemic saw a dramatic fall in such incidents last year.

Publishing its annual report the Office of the Director of Corporate Enforcement (ODCE) said liquidator reports received during 2020 were down almost a quarter on 2019 levels with auditors’ indictable offence reports and complaints from members of the public also down substantially on 2019 levels – 29% and 41% respectively.