Administrators appointed to Quinn Insurance
Discussion
LINK: http://www.rte.ie/news/2010/0330/quinn.html
The High Court has appointed two joint provisional administrators to the Quinn Insurance Group.
Mr Justice John Cooke made the order following an application by lawyers on behalf of the Financial Regulator.
The application was made under the 1983 Insurance act.
The court heard the Regulator took this action following serious concerns about the way the group was managing its affairs.
The development means the administrators will run the business as a going concern under different management in the interest of policy holders.
The Regulator now has an on-site presence in the company's offices.
The administrators will run only the general insurance businesss and Quinn's life insurance business remains unaffected
The High Court has appointed two joint provisional administrators to the Quinn Insurance Group.
Mr Justice John Cooke made the order following an application by lawyers on behalf of the Financial Regulator.
The application was made under the 1983 Insurance act.
The court heard the Regulator took this action following serious concerns about the way the group was managing its affairs.
The development means the administrators will run the business as a going concern under different management in the interest of policy holders.
The Regulator now has an on-site presence in the company's offices.
The administrators will run only the general insurance businesss and Quinn's life insurance business remains unaffected
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