High court hearing has been held today

Quinn Group has accepted the Irish Financial Regulator's decision to put Quinn Insurance into permanent administration.

According to the Irish Independent, The High Court in Dublin was told Quinn Insurance would be run by two outside managers with the aim of protecting jobs and putting the business back on a sound financial footing.

In a hastily arranged High Court hearing, Justice Nicholas Kearns said he believed the administrators were aware of the concerns of employees.

The High Court was told there had been considerable progress made between the parties since the matter was last in court on Monday, RTE News reports.

Senior Counsel Michael Cush said the company was now consenting to an order appointing permanent administrators to Quinn Insurance.

Kearns said that having read the material presented to him, he was satisfied this was an appropriate case in which to make such an order.

The judge appointed Grant Thornton's Paul McCann and Michael McAteer as full time administrators.

He also granted them the power to act separately if necessary.

Mr Justice Kearns said it was important to stress, particularly in view of the concerns of employees that part of the statutory function of the administrators was to carry on the business as a going concern with a view to placing it on a sound commercial footing.

Lawyers for the administrators said they wished to deliver their first report in a month. The case will be mentioned before the court again on the 20 May.

Click here for Quinn's reaction.

Click here for the financial regulator's reaction.