Quinn claims ‘no liquidity issue’ in administration battle

IN its battle to prevent its general insurance business from being formally placed into administration by the courts on Monday the Quinn Group, headed by billionaire Sean Quinn, claimed there was “no issue” with liquidity in that part of the business.

Placed in provisional administration on March 30, the group could face at least five years under administration, sources close to the crisis said, if the regulator insists in having the group placed under full administration when he goes before the High Court in Dublin next Monday.

Quinn, in a statement yesterday, said the solvency question in the business would require just €100m to resolve. By comparison the financial regulator has expressed serious concerns that assets in the business fall €450m short of its liabilities which are tied into guarantees that Barclays bank has over that huge sum.