Quinn hopes to complete financial restructuring as business trades as a "going concern"

Quinn Group has hit back at today's decision by the High Court to appoint a provisional administrator to Quinn Insurance following intervention by the Irish Financial regulator.

The company said: "As of today the Financial Regulator has appointed a provisional administrator to Quinn Insurance Limited. This is deeply disappointing for all of us in the context of the continued profitability of the group which is currently in excess of €20m per month.

"However the regulator has seen fit to take this action in the context of a perceived depreciation of underlying assets of Quinn Insurance Limited. We feel that this issue could have been resolved to the benefit to all in a relatively short space of time and we will be working with the regulator and the administrator to resolve all outstanding matters.

"The business continues to trade as a going concern with the objective of ensuring a financial restructuring to safeguard the overall business in the longer term.

"All other group businesses are unaffected by this development and the group is confident that its current negotiations with its lender group will result in a successful re-financing. We will provide further update as matters progress."