Court bid for 'urgent action' against auditor
THE administrators of Quinn Insurance are trying to secure an urgent hearing of their action against the company's former auditor.
The action will allege professional negligence against Pricewaterhouse-Coopers (PWC) over guarantees given by Quinn Insurance over loans to bankrupt businessman Sean Quinn and his family, which allegedly resulted in its collapse. It is also over issues about the adequacy of the firm's reserves.
President of the High Court, Mr Justice Nicholas Kearns, was told yesterday by Bernard Dunleavy, for the joint administrators, they intended to proceed with their action. A summons issued against PwC last February, which had been renewed, would be served soon and his side would then apply to the Commercial Court to have the action fast-tracked.