Quinn administrators charge €1.7m for three months' work
Published 01/06/2011 | 05:00
THE joint administrators of Quinn Insurance Ltd have had their fees of €1.7m for the first three months of the year approved by the High Court.
Michael McAteer and Paul McCann of accountants Grant Thornton each charged an hourly rate of €475, the court heard.
Mr McAteer's fees for the first three months of the year amounted to €168,625, while Mr McCann's amounted to €94,763.
The highest hourly rate charged was €735 per hour for Simon Sheaf, director of Grant Thornton's UK-based actuarial team, the court heard.
He received total fees of £103,000 (€117,000) for work carried out in the first three months of the year.
Patrick Dillon and Dara Kelly, both directors of recovery with Grant Thornton, charged fees of €365 an hour and their total fees amounted to €163,000 and €110,000 respectively.
Michael Neary, a partner in Grant Thornton Corporate Finance, charged €475 an hour and received total fees of more than €110,000.
The President of the High Court, Mr Justice Nicholas Kearns, was also informed the administrators would shortly make a number of applications to the court as part of the process of selling Quinn Insurance Ltd to a joint venture involving Anglo Irish Bank and Liberty Mutual.
Mr Justice Kearns approved the fees sought by the administrators and their lawyers McCann Fitzgerald after being supplied with details of the work carried out in the administration.
A report from the administrators set out the number of staff working on the administration, the number of hours worked by each individual and the rates per hour charged. The hourly rates set out are the standard hourly rates charged by the firm.
During the first three months of 2011, Quinn was invoiced on the same basis as that approved by the High Court since the joint administrators were first appointed in March 2010 after the company was placed in administration by the Financial Regulator.
The court heard the joint administrators' fees, company support professional fees and outlay amounted to €509,502 for January, €629,161 for February and €576,123 for March. The administrators' fees for April were €578,394.
Expenses of €101,034 -- under headings including flights, hotels, public relations and car hire -- were incurred during the January-April period.
Details of the fees charged by Grant Thornton's lawyers were not outlined in court.