Sean Quinn, the founder of Quinn Insurance, yesterday served various papers on the Irish financial regulator which have resulted in a week-long reprieve before the company is possibly placed into permanent administration. As we covered in one of our earlier articles, the Irish regulator stepped in to effectively try and close down Quinn Insurance last week citing various regulatory problems and concerns.
However, the company has been fighting a battle over the last week claiming that issues raised by the regulator have been addressed and the company is still profitable and able to trade. A High Court hearing yesterday was suspended after papers were served to the regulator and the judge awarded a one-week reprieve giving Sean Quinn seven days to try and save his insurance empire.
At this stage it is unclear exactly what the regulator was and is concerned about because very little has been placed into the public domain as yet. However, it is likely that, assuming the issue goes to court, we will hear further details which should cast more light on this rather mysterious saga.
Quinn Insurance is just one of many companies which have felt the wrath of the financial regulator over the last two years. An increase in fines, court cases and in some cases suspensions and administration has certainly been the name of the day from regulators in the UK and in Ireland.
0 comments:
Post a Comment