Administrators want “sound financial and commercial footing”

Quinn Insurance administrators Paul McCann and Michael McAteer of Grant Thornton will not be seeking a quick sale of the company, the Irish Examiner reports.

McCann said any sale decision would be one for the future and would not be made soon. Policyholders should not be overly-concerned.

The administrators said their aim is to manage the business as a going concern, "with a view to placing it on a sound financial and commercial footing", adding that customers "are unaffected by our appointment and all valid claims will be met by the company".

Staff worries

The Irish Independent today reported that Quinn Insurance staff had been left in the dark after hearing news of the company being put in administration.

It says that Quinn has claimed all positions are under threat because of what it called the Financial Regulator's "highly aggressive" decision to move on the firm in the High Court.

Around 600 people work at Quinn's HQ in Cavan town while another 1,800 work at sites in: Navan, Co Meath; Blanchardstown, Dublin 15; and Manchester in England.

Is said most workers declined to comment as they left the company offices on the Dublin Road, while there was no sign of the company's founder Sean Quinn at his home near Ballyconnell. The gates to the palatial home were locked and there was no answer on the intercom.