Court date set for Quinn sale objections
Published 19/08/2011 | 05:00
POLICYHOLDERS and other interested parties opposed to the imminent sale of Quinn Insurance will have their last chance to raise any objections at a court hearing on October 4.
The date was handed down yesterday, as the High Court got a brief update on the 16-month-old administration of Quinn Insurance and the firm's impending sale to Anglo Irish Bank and Liberty Mutual.
At the hearing, administrators Michael McAteer and Paul McCann also secured permission to publish the "transfer agreement" detailing terms of the sale on Quinn Insurance's website.
The documents are expected to go live next Thursday, but are unlikely to include significant information not already in the public domain, the Irish Independent understands.
Interested parties will have the opportunity to review the documents in advance of the deadline for any objection. Objections can only be made by those who feel they will be unfairly disadvantaged by the deal.
The court was also told that Liberty will be wholly responsible for the operation. Anglo will have no involvement in the day-to-day operation of the new company but will act in a loan-recovery capacity.
The transfer of ownership of Quinn Insurance follows the insurer's dramatic descent into administration in March 2010, after the Central Bank discovered the firm had extended €1.2bn of guarantees to other Quinn Group companies.
The Central Bank claimed the existence of these guarantees reduced the insurer's reserves by the same amount, pushing reserves below the regulatory minimum.
Sean Quinn, who founded the insurance giant, has rejected this argument and at one point looked set to take legal action.