Quinn Insurance in Administration

[orangeman]

I don't know the answer to this question so I'll ask it :


Was the regulartor obliged / not obliged to inform Quinn Direct that it was going to the High Court to appoint administrators to the business ?


Quinn says they were not informed otherwise they would have told the court that the Regulator was wrong -


When is the next court hearing ??

Surely Quinn can challenge the High Court order if he thinks he's right in what he is saying ?

Otherwise the Regulator is right and Quinn is spouting.

Let's see what happens.

If that were the case surely Quinn could have sought an Injunction?

[/b]

I don't know how it works if the High court appoint administrators - I don't kniw if you can go for an immediate application for an injunction - maybe he has to wait till the next day ?

Reading between the lines, my view is that Quinn is "technically" not meeting the required ratios and has been very taken aback / insulted / slighted by someone telling him that he's not in charge of the chequebook any more. Quinn and the regulator have been having a go at other and the regulator has hit him a fair auld dig. In other words, there's history even if it is a new regulator.

But time will tell.

[A Quinn Martin Production]

I suspect if other insurers were investigated  similar problems would exist due to the general drop in land and share prices.

Quinn Insurance may be profitable and generally solvent but they've given guarantees on €1.2 billion in loans advanced to Quinn Group as a whole. They've taken money that should have held to meet insurance potential claims and used it to bail out other parts of Quinn. This is reckless by any measure and the Reguator was right to step in.

This is about right.  I think the regulator is saying Sean, there's a difference bteween running an insurance comapny and a cement factory.

Interesting that most people thought it was a bad thing that the banks were allowed to get too big to be allowed to fail...but not Quinns

[FermPundit]

Fermanagh county board support Quinn Group

04 April 2010

The Fermanagh County Board like their neighbours in Cavan have shown their support for the Quinn Group.

An official statement from County Board Chairman Peter Carty reads:

STATEMENT BY COISTE FHEAR MANACH, C.L.G., ON APPOINTMENT OF ADMINISTRATORS TO QUINN INSURANCE

Fermanagh County Committee of the Gaelic Athletic Association, on its own behalf and on behalf of the G.A.A. clubs in this County, condemns the appointment of administrators to Quinn Insurance Ltd.

The Quinn Group, through its Chairman, Sean Quinn, a former captain of Fermanagh Inter-county teams at all levels, has contributed massively to the economy of this county and of our neighbouring county of Cavan, as it has done in several other parts of Ireland. It currently employs a large number of our players and other members, and they have always assured us that this was one of the best and most generous employers on this Island.

For almost half a century, the Quinn family has been involved in this Association, at all levels and in many roles. Never, in our experience, has any member of that family failed to meet his, or her, commitments to the community and the broader society of Fermanagh and Ireland. Therefore, despite the contrary assertions of the Regulator and the Minister for Finance, we have no hesitation in accepting Sean Quinn's word that he would pay all his liabilities, as they fell due and that, there was no risk to policy holders.

We are particularly annoyed that the Regulator had no understanding of the symbolic importance of withdrawing the company's right to write insurance policies in the Six Counties of the North. We too are Irish and we feel the Regulator's understanding of Ireland is limited, evidenced by the position he has adopted on this issue. We would strongly urge him to rethink his decision.

The entire G.A.A. community in this county and, we believe, in the surrounding counties too, stand four-square behind Sean Quinn and the Quinn Group. We call on the Irish Government to act quickly to sort out the mess, which has been created by the ill-considered and pre-emptive actions of one of its agents.

Peter Carty
Chairman
Coiste Fhear Manach, C.L.G.

[pintsofguinness]

That's embarrassing and ridiculous.

[Rois]

I have to agree with you POG. 

[FermGael]

Pints,
I understand why you think that but really what choice does the county board have??
I would say that every member of our current county panel will be directly or indirectly effected by this.

I drove home today through Belturbet and Ballyconnell.
If Quinn goes, Fermanagh, Cavan, Leitrim, Monaghan will become ghost counties overnight.
People are taking about 5000 pepole losing their jobs.
I would say that you could see nearer 20000 people losing there jobs with the knock on effect.

I have kept quiet on this so far because i know too many people that will be effected by this.

One thing i will say its good to see that the minister for trade and industry has got his priorities right.
Heading for a Jollie to the states instead of staying at home to try and sort this mess out.
Good man

[pintsofguinness]

I understand that ferm and I feel for anyone in that position (and I know what it's like!)

However, this has absolutely nothing, NOTHING! to do with Fermanagh county board or the GAA as a whole.

Do you think that statement will in anyway help those people who's jobs are at risk? Nope, not on bit. It's an embarrassment to the GAA.

We are particularly annoyed that the Regulator had no understanding of the symbolic importance of withdrawing the company's right to write insurance policies in the Six Counties of the North. We too are Irish and we feel the Regulator's understanding of Ireland is limited, evidenced by the position he has adopted on this issue. We would strongly urge him to rethink his decision.

that's painfully embarrassing.

The entire G.A.A. community in this county and, we believe, in the surrounding counties too, stand four-square behind Sean Quinn and the Quinn Group.

and they have no right to speak for the GAA community

[FermGael]

I understand that ferm and I feel for anyone in that position (and I know what it's like!)

However, this has absolutely nothing, NOTHING! to do with Fermanagh county board or the GAA as a whole.

Do you think that statement will in anyway help those people who's jobs are at risk? Nope, not on bit. It's an embarrassment to the GAA.

We are particularly annoyed that the Regulator had no understanding of the symbolic importance of withdrawing the company's right to write insurance policies in the Six Counties of the North. We too are Irish and we feel the Regulator's understanding of Ireland is limited, evidenced by the position he has adopted on this issue. We would strongly urge him to rethink his decision.

that's painfully embarrassing.

The entire G.A.A. community in this county and, we believe, in the surrounding counties too, stand four-square behind Sean Quinn and the Quinn Group.

and they have no right to speak for the GAA community

I think that they have the right to speak for the Gaa community in Fermanagh Pints

[sammymaguire]

maybe they should sit back as say fcuk all eh pints? that would be much better than speaking out in some fashion in an attempt to show support although it may be nothing directly to do with the GAA, its still going to affect thousands of people indirectly if this problem becomes worse for the Quinn Group, community and social life in the border counties of Fermanagh and Cavan

[pintsofguinness]

maybe they should sit back as say fcuk all eh pints? that would be much better than speaking out in some fashion in an attempt to show support although it may be nothing directly to do with the GAA, its still going to affect thousands of people indirectly if this problem becomes worse for the Quinn Group, community and social life in the border counties of Fermanagh and Cavan

yes, that's exactly what they should do. 

[sammymaguire]

we prefer to stand by one another in this part of the world, its what we do in times of hardship rather than sit idly by letting others rip the piss 

[pintsofguinness]

we prefer to stand by one another in this part of the world, its what we do in times of hardship rather than sit idly by letting others rip the piss 

at any cost?
idiotic and simplistic.

[fearbrags]

I  have  to  agree  with  pints ! just  as  stupid as  when  the  government got involved in paying gaa players

[sammymaguire]

we prefer to stand by one another in this part of the world, its what we do in times of hardship rather than sit idly by letting others rip the piss 

at any cost?
idiotic and simplistic.

what does it cost to make a stance and make your views clear on something? especially when those views are valid.

[muppet]

Talk of 5,500 jobs going is scaremongering by Quinn and is lapped up by the media. It would appear to be designed to put pressure on TDs and Ministers.  As far as I can see the worst case scenario would see some of the Quinn group changing ownership. There could be a risk to jobs if that happened but the scaremongering seems to be on the basis that what the Regulator has done might cause Quinn to simply close down. I don't see how that would happen.

I think as this plays out and more information emerges people will start to change their opinion on Sean Quinn. If that happens the above letter will look idiotic.