Final winding up of Quinn Insurance gets approval

Administration described as "very difficult and complex"

Final winding up of Quinn Insurance gets approval

Insurance News

By Terry Gangcuangco

Quinn Insurance Limited’s (QIL) lengthy administration will soon be drawing to a close, as approval for the insolvent insurer’s final winding up gets handed down.

A report by The Irish Times said Mr Justice David Barniville, president of the High Court of Ireland, granted the green light on March 24.

According to the publication, the judge described the administration as having been “very difficult and complex” and thanked joint administrators Michael McAteer and Paul McCann of Grant Thornton for their work.

QIL was put into administration more than a decade ago in 2010. The process spanned 23 reports that were presented in court by the joint administrators.

It was reported that the company’s insolvency cost €1 billion in payments from the Insurance Compensation Fund.

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