Corporate watchdog warns of 'potentially significant' increase in company closures as Covid supports unwind

Director of the Office of Corporate Enforcement Ian Drennan said there was a 39% reduction in companies entering insolvent liquidation in 2021, due to measures introduced to help firms during the Covid pandemic. File picture: Sam Boal/RollingNews.ie

Company liquidations are expected to increase, “potentially significantly”, as Covid-related State supports to businesses unwind, the corporate industry watchdog has warned.

This is coming at a time when the Office of the Director of Corporate Enforcement (ODCE) continues to be understaffed and awaits powers and resources promised under laws enacted last December and recommended by an expert group almost 20 months ago.