Quinn in Administration

Oscar_The_Grouch

I love the article in the Insurance Times where Quinn admit they need 100m to 150m euro to "restore its solvency position"!! So they can't even get a more accurate figure than "100m euro, but possibly 50% more"!! Then 550m euro to pay off the bondholders!! I bet the directors are still drawing a salary during this period!

Shazz the Quinn Numpty, do you have any comment to make on your "20m euro profits" figure?

west_is_best

My daughters car was due for renewal yesterday and she got a letter from Quinn Direct stating

Dear Ms ******

Quinn Insurance Limited (Joint Provisional Administrators Appointed)

Currently we are not in a position to offer insurance in the UK and are regrettably unable to offer you the renewal terms previously outlined on the above policy.

If you have any queries in relation to your policy, please contact our private lines Dept. on 0845 850 0845

Oscar_The_Grouch

Nice of them to give her so much notice! I take it you've arranged insurance elsewhere....

dacouch

Looks like the High Court adjourned putting Quinn in administration after receiving new evidence from Quinn, hopefully the evidence was not submitted by John Gannon...

Allegedly Quinn have solved their solvency problem by the Quinn business they lent the money originally, lending the money back to Quinn Insurance. As this left the other Quinn company a bit short Quinn Insurance lent it straight back to them

dacouch

Interesting and incisive article...

http://www.tribune.ie/news/article/2010/apr/11/quinn-pawns-bow-the-knef/

Alledgely Sean the gambler tried recouping some of his losses on the horses, he had 300m Euros on a horse that came in at 10-1 unfortunately the race started at 12.10pm

shaz77_2

I would like to apologise to all on this forum, Quinns has accepted Administration, I did not intend to post false information.

mattymoo

shaz77 wrote: »

I would like to apologise to all on this forum, Quinns has accepted Administration, I did not intend to post false information.

Is that confirmed anywhere yet?

shaz77_2

mattymoo wrote: »

Is that confirmed anywhere yet?

It has officially been announced by Board Chairman Liam McCaffrey.

mattymoo

Thanks for the info Shaz. I hope you manage to stay on with the administration or find something else. The fallout from these things is never nice.

staggy

Confirmed

http://www.insurancetimes.co.uk/story.asp?source=itbreakingnews&storycode=383930