High Court approves Quinn sale as alternative to ‘liquidation and job loss’

THE alternative to the sale of Quinn Insurance Ltd (QIL) would be liquidation, massive job losses and “further catastrophic losses to the local community”, the president of the High Court said yesterday when giving his reasons for approving the sale.

Mr Justice Nicholas Kearns said the foundations and structure of the proposed sale to a joint venture of US insurer Liberty Mutual and Anglo Irish Bank appeared “sound and well thought-out” and he was satisfied there was no evidence of danger presented by the transaction to the position of QIL’s 1,600 employees or its policyholders.

He accepted evidence from the chairman of the QIL Employee Representative Board that the vast majority of employees wanted the sale to proceed. He was also “strongly influenced” by the fact the Minister for Finance and his departmental officials, having been given all the relevant information, had given their assent and approval to the transfer.