Courts / Ireland / Report
Quinn Insurance formally liquidated 13 years after €1bn administration
Summary
Thirteen years after Quinn Insurance DAC was placed into administration at a cost of €1 billion to the State, the High Court formally wound it up. Mr Justice Conor Dignam appointed Damien Harper, a chartered accountant and insolvency expert, as liquidator. The insurer's sole creditor was the Insurance Compensation Fund, the State fund that pays policy holders when an insurer is liquidated. The company, founded by bankrupt billionaire Sean Quinn, had been under administration since 2010 and had no assets or viable debt to the ICF. All of its business, including the sale of its insurance arm to Liberty Insurance in 2011, had been dealt with and any value realised. The final outstanding matter was a High Court action alleging negligence against PwC, which was settled the previous year. Mr Justice Dignam made the winding‑up order after confirming all parties had been notified and no objections were raised.
Who, what, where, when and why
What: Report matter: Quinn Insurance formally liquidated 13 years after €1bn administration. Procedural stage: hearing_or_decision
When:
- 2023-05-08 Publication
Places mentioned
- High Court
Topics
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