Quinn bidders must wait to meet insurer
Published 23/10/2010 | 05:00
FINAL bidders for Quinn Insurance have been told they have to wait until November for face-to-face meetings with the stricken insurer's management.
The timeline was greeted with dismay in some quarters, where it had been hoped the process would move more swiftly after five bidders were short-listed on October 8.
Bidders are concerned that the value of Quinn Insurance Limited (QIL) will decrease as the "uncertainty" drives customers and brokers away.
Others are also concerned about the mounting cost of the administration, after the High Court yesterday approved administration fees of at least €1.5m for the four months to January 31.
The €1.5m doesn't include legal fees, which are also expected to be substantial. All fees will be paid from QIL's assets, leaving less for any potential buyer.
"We'd obviously like to see things happening a lot faster," said one source, pointing out that initial hopes of sealing a deal by the end of the year were fading.
That fact also appeared to be confirmed by yesterday's administrators' filing, which included a full month's fees for January.
The administrators, Grant Thornton, had previously claimed fees of €1.5m for their work from July to September.
The President of the High Court, Mr Justice Nicholas Kearns, last week directed the joint administrators to provide affidavits to the court to explain why their fees had not decreased significantly at this stage of the administration, as he believed there was less work involved now.