Author Topic: Quinn Insurance in Administration  (Read 239620 times)

An Gaeilgoir

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Quinn Insurance in Administration
« on: March 30, 2010, 12:15:49 PM »
Taken from Rte.ie
Sign of the times i suppose. The curse of Anglo Irish is having some knock on effect across all business sectors.

Tuesday, 30 March 2010 12:11

The High Court has appointed two joint provisional administrators to Quinn Insurance Ltd.

Mr Justice John Cooke made the order following an application by lawyers on behalf of the Financial Regulator.

The application was made under the 1983 Insurance act.
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Michael McAteer and Paul McCann from Grant Thornton have been appointed by the High Court to act as the two joint provisional administrators.

They have been instructed to begin their work immediately.

The court heard the Regulator took this action following serious concerns about the way the group was managing its affairs.

The development means the administrators will run the business as a going concern under different management in the interest of policy holders.

The Regulator now has an on-site presence in the company's offices.

The administrators will run only the general insurance businesss and Quinn's life insurance business remains unaffected.

T Fearon

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Re: Quinn Insurance in Administration
« Reply #1 on: March 30, 2010, 12:21:17 PM »
Jaysus, things not looking too good in Fermanagh at all these days, what with Division 4 Football, Kyle Lafferty about to win his second SPL medal etc. At least they'll never run out of water ;D

Tubberman

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Re: Quinn Insurance in Administration
« Reply #2 on: March 30, 2010, 12:21:43 PM »
More to this than just another company getting into trouble due to the recession I reckon.
The Financial Regulator has requested this "following serious concerns about the way the group was managing its affairs."

I think this is probably down to the enquiries into Anglo, and the 'arrangements' Sean Quinn had in place for his share-dealing shenanigans. Wait and see what comes out I suppose... 
"Our greatest glory is not in never falling, but in rising every time we fall."

Declan

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Re: Quinn Insurance in Administration
« Reply #3 on: March 30, 2010, 12:25:34 PM »
Scary news day alright what with more money being pumped into the banks and building societies etc.
Country is well and truly donald ducked

A Quinn Martin Production

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Re: Quinn Insurance in Administration
« Reply #4 on: March 30, 2010, 12:25:46 PM »
Little bit more detail from the Irish Times.  This affects Quinn Direct and Quinn Healthcare:

Administrators appointed to Quinn Insurance companies

IRISH TIMES REPORTERS

The High Court has this morning appointed provisional administrators to Quinn Insurance, owner of Quinn Direct and Quinn Healthcare, on an application by the Financial Regulator.

Mr Justice John Cooke installed Paul McCann and Michael McAteer of Dublin accountancy firm Grant Thornton joint provisional administrators to the company in the High Court this morning after the Financial Regulator expressed serious concerns about the finances of the company and how it was being managed.

This in effect means that the State through the Central Bank and Financial Regulator has taken control of the country’s largest insurance company.

A spokesman for Quinn Group, the owner of Quinn Insurance, said that the company had no comment to make.

Lawyers for the regulator told the court it had been discovered that subsidiaries of the company had made guarantees in relation to the group’s assets in 2005 which has reduced the value of the assets by €448 million. Some directors of Quinn Insurance were unaware of the guarantees, lawyers for the regulator said.

The court heard the company had significantly breaches its solvency ratios. The company had moved from a position where it had an excess of assets over liabilities of more than €200 million to a position where it had €200 million of liabilities over assets.

The application was made by the regulator under the Insurance (No 2) Act 1983 this morning during a vacation sitting of the court. The act allows for a provisional administrator to be appointed on an ex parte  application, meaning only one side was represented.
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T Fearon

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Re: Quinn Insurance in Administration
« Reply #5 on: March 30, 2010, 12:28:13 PM »
Quinn Martin, are you not in administration yet? ;D

A Quinn Martin Production

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Re: Quinn Insurance in Administration
« Reply #6 on: March 30, 2010, 12:30:01 PM »
Quinn Martin, are you not in administration yet? ;D

Tony, I've been fecked since I bought shares in Eircom, way back in the day!!
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An Gaeilgoir

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Re: Quinn Insurance in Administration
« Reply #7 on: March 30, 2010, 12:35:08 PM »
More to this than just another company getting into trouble due to the recession I reckon.
The Financial Regulator has requested this "following serious concerns about the way the group was managing its affairs."

I think this is probably down to the enquiries into Anglo, and the 'arrangements' Sean Quinn had in place for his share-dealing shenanigans. Wait and see what comes out I suppose...

i wonder how many more of the "golden ten" investors will end up on the scrap heap due to Seanie and his backroom deals. To be honest haven't much sympathy for them, but as usual it's these company's workers and the tax payer who wil be left in the lurch .We really live in a banana republic.

Rois

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Re: Quinn Insurance in Administration
« Reply #8 on: March 30, 2010, 12:37:28 PM »
Can anyone tell me what being "in administration" in the south means as I know it isn't a formal insolvency procedure as we know it in the UK.  The title of the thread is a bit misleading at the minute anyway.


Denn Forever

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Re: Quinn Insurance in Administration
« Reply #9 on: March 30, 2010, 12:40:48 PM »
Next it'll be RYANAIR.

And as Rois asks what does this administration mean and what about people's insurance policies if it goes under or can't be sold?
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bingobus

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Re: Quinn Insurance in Administration
« Reply #10 on: March 30, 2010, 12:41:21 PM »
In the south its Examinership, more or less the same as administration in UK - company is deemed to be a going concern subject to some changes in structure ie debt restructure, shedding of jobs, new operations etc etc.

Rois

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Re: Quinn Insurance in Administration
« Reply #11 on: March 30, 2010, 12:46:10 PM »
But it isn't in examinership - the administrators were appointed under insurance legislation, not insolvency legislation (not to say that that may be the next step). 

supersarsfields

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Re: Quinn Insurance in Administration
« Reply #12 on: March 30, 2010, 12:49:28 PM »
Not liking the sound of this at all!!!  :'(

Rois

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Re: Quinn Insurance in Administration
« Reply #13 on: March 30, 2010, 12:51:18 PM »
Oh crap SS, right enough.  They've been ordered not to write any new business in the UK.

haranguerer

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Re: Quinn Insurance in Administration
« Reply #14 on: March 30, 2010, 01:20:52 PM »
Sounds like theres been a bit of creative accounting, and these guys have been brought in to try to correct things. How does using something as collateral reduce its value though?