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Court clears Quinn sale

THE sale of Quinn Insurance to a joint venture of US insurer Liberty Mutual and Anglo Irish Bank has been cleared by the High Court.

Now a total €738m of public money will be paid out of the State's Insurance Compensation Fund to the insurer.

The vast majority of employees supported the sale because they believe it will safeguard their livelihoods, a representative of the insurer told the court. The joint administrators of Quinn had told the court the alternative to the proposed sale was liquidation of the insurer with a deficit of some €1.3m and €1.6 job losses.

The president of the High Court, Mr Justice Nicholas Kearns, approved the sale proposals.