Administrators may seek declaration of personal liability
The administrators of Quinn insurance may take legal action against former directors of the failed Irish insurer for reckless trading, Irish news service RTE reports.
In a letter to Fianna Fáil finance spokesman Michael McGrath, Ireland’s outgoing director of corporate enforcement Paul Appleby reportedly said the administrators could seek a declaration in Ireland’s High Court that Quinn’s former directors were personally liable for the company’s problems.
A spokesman for the administrators told RTE that such an action was possible but would depend on the amount of money that could be recovered.
Quinn’s failure has run up an estimated bill of €1.6bn (£1.28bn). It is being covered by a 2% levy on all Irish personal lines policies.
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