Financial Regulator's hearing adjourned until next week
The High Court has adjourned the Financial Regulator's attempts to put Quinn Insurance into full administration.
The move comes after Quinn Insurance filed fresh information this morning.
John Hennessy, senior counsel for the Financial Regulator, said officials had received a lengthy affidavit. “While it does not appear to go in substance into several of the very serious concerns of the regulator in this matter, it nevertheless merits careful consideration by the regulator and a response," he said.
The hearing is set to be delayed for a week and take place next Monday, according to reports.
The application by the Financial Regulator to have the administrators to Quinn Insurance made permanent came despite discussions over the weekend about a plan to refinance the Quinn Group with €700m provided by State-owned Anglo Irish Bank.
Quinn said it was "pleased" with the decision and urged a return to writing UK business. Click here to read Quinn's full response.