Monday 20 November 2017

Accountants see Quinn fees cut

A JUDGE has cut by 20pc the fees sought by the joint administrators of Quinn Insurance.

The administrators, Michael McAteer and Paul McCann, appointed by the Financial Regulator in April 2010, had sought court approval for the payment of approximately €2.75m, plus expenses, for costs they incurred in the administration of the company between August 1 and November 30 last.

High Court president, Mr Justice Nicholas Kearns, yesterday said he was satisfied to approve the €475 per hour fees sought by the administrators, both of the accountancy firm Grant Thornton - less a 20pc reduction.

The judge approved what were previously described as "substantial" fees being sought for the costs related to the sale of Quinn Insurance Ltd (QIL), to include fees charged by merchant banking firm, Macquarie Capital Europe Ltd. Macquarie was hired in June 2010 by the joint administrators to help sell QIL, which was bought last year by the Liberty Mutual/Anglo Irish Bank venture.

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